UAE’s Lulu International Exchange Integrates RippleNet Cloud to Enhance Indian Remittances

UAE’s Lulu International Exchange Integrates RippleNet Cloud to Enhance Indian Remittances

Abu-Dhabi based international money transfer service, Lulu Money, announced a partnership with Federal Bank, an Indian international financial service, to enhance remittances to India. The partnership will integrate RippleNET Cloud to reduce the transfer fees and introduce instant remittance payments from the UAE.

The case against Ripple by the SEC is not slowing the demand for its products as UAE’s leading remittance firm, LuLu Money, and India’s Federal Bank integrates RippleNET Cloud, a global network that allows instant connectivity and transfers across financial institutions. As the home to the largest Indian migrants worldwide, the partnership targets to “enhance the cross-border payments experience” to over 3.5 million Indians.

Nilufer Mullanfiroze, Senior VP, Deposits, Cards & Unsecured Lending at Federal Bank said in a press release,

“We believe such innovations will benefit the larger Indian diaspora who can enjoy a modern, low cost, fast, easy, and more reliable way of transferring money to India.”

According to a Ripple blog post, Indians in the UAE can now send remittances from over 76 LuLu exchange branches or directly from their mobile app.

RippleNET is becoming a sensation across banks and institutions globally, with the network transacting a record-beating $2.4 billion in transactions across 2020. Ripple and LuLu exchange entered a partnership that has helped the latter form avenues of transfers and “solidifies their presence in existing and new corridors,” Adeeb Ahamed, LuLu Financial Group Managing Director, said in a statement.

“The partnership signals a major step towards strengthening our Indian corridor, all the while advancing our overall mission to design the world’s most reliable, seamless, and accessible financial journeys through collaborative partnerships and application of technology.”

The RippleNET Cloud will allow LuLu exchange to directly connect to Federal Bank and other global financial institutions in the network. Users will instantly, reliably, and cost-effectively send or receive payments on the platform in one easy integration process.

The RippleNET cloud recently acquired its System and Organization Controls 2 (SOC 2) certification from the American Institute of Certified Public Accountants (AICPA), allowing it to function as an institutional-grade cloud-based payment system.

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Author: Lujan Odera

Ripple’s RippleNet Cloud Service Receives SOC 2 Certification from American Institute of CPAs

Ripple’s RippleNet Cloud Service Receives SOC 2 Certification from American Institute of CPAs

RippelNet has received significant security and privacy compliance milestone for its RippleNet Cloud service. This comes amid the company’s battle with the SEC.

  • While Ripple Labs continues to face significant pressure from a legal battle with the Securities and Exchange Commission (SEC), the company continues to mark wins in other areas.
  • The Silicon Valley firm announced that it had received a significant auditing compliance certification for one of its other tools.

RippleNet Cloud Works Well So Far

According to an announcement, Ripple Labs confirmed that it had gotten a System and Organization Controls 2 (SOC 2) certification from the American Institute of Certified Public Accountants (AICPA) for RippleNet Cloud, its cloud-based institutional payment network.

Ripple’s statement explained that the certification was in recognition of its work in facilitating payments for its ever-expanding network of clients.

As Ripple explained, the rise of the coronavirus brought a significant demand for effective cloud-based, digital payment services. RippleNet Cloud, which launched in June 2020, has so far been able to onboard 40 banking institutions worldwide, providing quick and reliable cross-border payment solutions to them.

As the blockchain company explained, financial institutions have been steadily demanding RippleNet Cloud. The service allows them to deploy modern payment infrastructures in less than five weeks, much faster than what it would take with in-person deployment. Ripple added:

“In fact, RippleNet Cloud transaction volumes doubled every eight weeks in 2020 and reached an annualized run-rate of 1.8 million transactions, per Q4 volumes. More than half of all RippleNet transactions today flow through Cloud and now, customers can put further trust in RippleNet’s security capabilities.”

Plans In Case the SEC Shuts XRP Down

The SOC2 certification confers a service with high standards in terms of data security and privacy. As Ripple explained, the certification means that institutions looking to deploy the service into their infrastructure can now feel more confident about doing so. The Gemini Trust Foundation, a crypto holding company owned by the Winklevoss twins, also has the certification.

With a new compliance certification in the bag, RippleNet Cloud can now become another cornerstone of Ripple’s business, akin to that of the company’s on-demand liquidity (ODL) tool, which helped it to reach unicorn status back in 2019.

It also provides another avenue for Ripple to focus on, especially now that the fate of the XRP is in the balance. In December, the SEC sued Ripple Labs over the firm’s XRP token, which the agency calls a security. The financial watchdog also slammed Ripple for engaging in an unregistered securities offering in the asset’s 2013 Initial Coin Offering (ICO).

While Ripple is committed to fighting this suit in court, the prevalent opinion is that the SEC will emerge victorious in the case. If that happens, Ripple might be forced to leave the country and move the use of its token elsewhere.

For now, Japan might be the frontrunner for the company’s new base. Ripple already has a significant presence in the country, thanks in large part to its partnership with local financial services giant SBI Holdings. Earlier this week, the latter announced that it would add support for XRP to its crypto lending platform, SBI VC Trade.

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Author: Jimmy Aki

Ripple Partner MoneyGram ‘Doesn’t Utilize ODL or RippleNet’ Despite Being Paid Millions in XRP

Ripple Partner MoneyGram Says it ‘Doesn’t Utilize ODL or RippleNet’ for Which it was Paid Millions in XRP

“It’s still business as usual,” says Ripple CEO, maintaining that the company remains “on the right side of the law and of history.”

Amidst the ongoing distancing from XRP, Ripple partner MoneyGram also issued a statement.

“The Company has not currently been notified or been made aware of any negative impact to its commercial agreement with Ripple,” said MoneyGram, one of the largest companies involved in cross-border P2P payments and money transfer.

The statement came in light of the recent lawsuit filed by the U.S. Securities and Exchange Commission against Ripple Labs Inc.

“MoneyGram is not a party to the SEC action,” said the company adding, they will continue to monitor for any impact as things unfold.

MoneyGram came into a commercial agreement with Ripple in June 2019 to use the fintech’s foreign exchange (FX) blockchain trading platform, On-Demand Liquidity (ODL) for the purchase or sale of four currencies. For this, Ripple paid millions of dollars in XRP to MoneyGram. However, the company revealed that, as a matter of fact,

“MoneyGram does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise.”

Throughout this collaboration, MoneyGram actually continued the use of other traditional FX trading counterparties and says it “is not dependent on the Ripple platform to accomplish its FX trading needs.”

“There were a discussion on Twitter about precisely how MoneyGram used ODL, other ways they could use it, and the advantages and disadvantages of each mechanism,” commented David Schwartz, CTO of Ripple on MoneyGram distancing itself from the company.

This week, XRP got into hot water as the SEC charges Ripple and its two executives, board member and former CEO Chris Larsen and current CEO and board member Brad Garlinghouse for allegedly selling unregistered securities.

This resulted in the price of the digital asset crashing more than 60% and taking the entire crypto market down with it, only to recover the gains to trade around $0.30 XRP -6.52% XRP / USD XRPUSD $ 0.30
-$0.02 -6.52%
Volume 9.97 b Change -$0.02 Open $0.30 Circulating 45.4 b Market Cap 13.43 b
6 h Ripple Partner MoneyGram Says it ‘Doesn’t Utilize ODL or RippleNet’ for Which it was Paid Millions in XRP 10 h Oldest Crypto Exchange Bitstamp to Suspend XRP Trading & Deposit on Jan. 8 2 d XRP Carnage Begins as the Delisting Commences
.

All of this also resulted in the suspension of XRP trading and deposits on several trading platforms. Just yesterday, the oldest crypto exchange Bitstamp suspended the XRP services for its US customers, starting January 8.

OSL, Beaxy, and CloseTowers are other exchanges that suspended XRP trading on their platform while Bitwise Asset Management also liquidated its position in the digital asset.

Garlinghouse meanwhile, maintains that Ripple remains “on the right side of the law and of history.”

“It’s still business as usual,” said Ripple CEO in a publicly shared note sent to the company’s employees this week.

“The SEC is completely wrong on the facts and law and we are confident we will ultimately prevail before a neutral fact-finder.”

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Author: AnTy

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud – one of the global payment processing giants – has become the latest member of the RippleNet family and would help ripple in expanding its cross-border remittance services further. The B2B payment processing giant is known to work with several small and medium business entities before joining the RippleNet.

RippleNet, a venture of Ripple blockchain, is known for its cross-border remittance solutions and has partnered with hundreds of banks, financial institutions, and payment processing giants to avail fast and cheap cross-border transactions using XRP as liquidity.

RippleNet aims to be the payment processor for a rapidly-changing world and is banking on the wave of globalization moving from west to east.

Asia is one of the footholds for the decentralized tech provider firm, and they have made aggressive expansion in the region with new members and services regularly.

Currencycloud, which has been working with Small and Medium Enterprises (SME), aims at expanding its service to help its new partners, especially in a world where traditional banks often overlook SMEs for big MNCs. The payment processing giants hope to reach new firms and SMEs who are deprived of the banking facilities up until now.

Ripple’s Client List Grows to 350

Ripple, which calls itself a decentralized tech company, ventured into remittance services through RippleNet a few years back, and even though the XRP token hasn’t managed to see a price break though, in a very long time, the cross-border solutions have garnered a lot of popularity over the years.

Ripple now boasts over 350 clients and recently updated its official website to include its new partners.

Mike Laven, CEO of Currencycloud, commented on their recent association with RippleNet and hoped the partnership would be mutually beneficial, helping them in expanding their network to new parts of the world. He said:

“Currencycloud is all about bringing clarity, speed, and value to the traditionally opaque, costly, and time-consuming issues associated with cross-border payments, particularly for SMEs that have historically been under-served by traditional banking. Ripple’s solution will help us to extend our network to new parts of the world, removing more barriers to payments for our clients.”

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Author: Hank Klinger

Banco Rendimento Becomes First Bank To Run Entirely on RippleNet Cloud

Banco Rendimento, one of the top volume producing banks in Brazil, has become the first RippleNet member to shift its RippleNet operations to the Ripplenet Cloud completely. Cloud technology has found a lot of relevance recently as it offers uninterrupted connectivity between the service provider and the customer no matter irrespective of their geographical location.

Financial institutions see great potential in cloud technology in these changing times, as it allows them to attend to customer issues and queries rapidly and resolves them almost instantly.

Ripple has made a name for itself among the cross-border remittance technology providers. Its RippleNet solutions are being adopted all across the globe by various banks and financial institutions to offer instant cross-border transactions at low cost to their customers.

The traditional remittance system is quite complicated and hasn’t seen much advancement in terms of core technology, which makes cross-border transactions a tiresome task.

While Banco Rendimento is the first bank to shift its operation on the cloud completely, many other RippleNet clients such as Azimo, MoneyGram, Pontual, and Viamericas have also been utilizing the benefits of the RippleNet cloud.

80% of New RippleNet Clients Prefer Cloud Deployment

In an official announcement blog published by Ripple, the firm mentioned that its clients are highly bullish on cloud deployment, and a majority of them have already opted for the same.

In the past 6-months, 80% of all the new clients of RippleNet have opted for a cloud deployment while 30% of all forms of the transaction on the RippleNet platform is being carried via RippleNet Cloud.

Adrian Yap, CEO and co-founder at MoneyMatch explained how RippleNet Cloud has helped them connect with multiple financial institutions needed for the business and how this technology could be the way most of the banks function in the future. He said:

“Being hosted on RippleNet’s Cloud allowed us to connect with financial institutions around the world that would have otherwise been more challenging to connect to from Malaysia. Using one API set for all of our RippleNet connections allowed us to cut our costs and speed up the integration process, which otherwise would have taken days or weeks longer.”

Banco Rendimento expects to see a significant change in its transaction volumes by the first quarter of 2021 and offer a much more efficient and cost-effective set of services to their customer base.

Jacques Zylbergeld, FX Superintendent at Banco Rendimento, commented on their decision for a complete cloud deployment saying:

“We migrated to RippleNet Cloud to give our customers the chance to connect with global partners easily, faster, and with more transparency. We see cloud services as a way to allow them to navigate easily, while they can submit and trade payments in the same environment with clients from all over the world, and Ripple is helping us with that.”

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Author: Silvia A

Ripple Consolidates its xRapid, xCurrent and xVia Features Under One Network; RippleNet

Ripple recently announced the consolidation of its services within RippleNet offering. The blockchain-oriented firm known for its convenient transfer features in the blockchain ecosystem made these changes to enhance service delivery to clients.

The New Ripple Network Outlook

A spokesman from Ripple noted that besides the change of name, the firm had sought to make its xRapid, xVia and xCurrent features more accessible. As a result, clients will now be able to use xVia and xCurrent on-premises in addition to cloud services. This will be an improvement from the current design that requires prospective clients to buy the features. Furthermore, Ripple’s xRapid technology will leverage the on-demand liquidity that comes under RippleNet offering.

According to Ripple’s sentiments, the strategy to consolidate under one network is a step in the right direction as the market evolves. One of the most notable reasons is a demand in the firm’s services that has seen its user base grow hence the need for a standard development that competes favourably.

Ripple’s Decentralization in Question!

The project has however had its fair share of criticisms with players in crypto attacking the fundamentals of Ripple’s decentralization. This has put the firm in a defensive position over its growth journey. Brad Garlinghouse, Ripple’s CEO, recently said the nature of Ripple’s transparent ecosystem is what has attracted many critics. He added that there exists a lot of misinformation about Ripple’s products amongst the crypto community which can be partly attributed to their success in creating a highly transparent network.

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Author: Lujan Odera

Ripple Executive: Mexico, Philippines Lead the Way for Demand in Cross-Border Remittances

Ripple Executive: Mexico, Philippines Lead the Way for Demand in Cross-Border Remittances

Ripple, the creator of the RippleNet and the XRP tokens (which are currently the 3rd largest cryptocurrency by market cap) are always on the lookout for new clients and partnerships. Because of this, the company has recently announced a new partnership with a company called MoneyGram.

This new partnership with the money transfer company based in Dallas will see Ripple investing $50 million USD in MoneyGram. This is being made to boost the use of RippleNet, the network of the company, which is mostly used for international payments.

With this partnership, Ripple would be able to increase the adoption of xRapid, one of its most popular for cross-border transfers. MoneyGram is a pretty established company that would help Ripple to upgrade the adoption of its products with time as the company is active in over 20 countries.

The vice president of product at Ripple, Kevin Mole, affirmed that XRP has a huge role in providing on-demand liquidity for markets and that this was a way for customers of the company to be able to send money to other countries with a fairly low cost and without having to pre-fund the destination accounts.

He affirmed that some of the other ways to send money to other countries are highly inefficient, so there is no reason why people should not change the kind of services that they are currently using.

According to him, on-demand liquidity is already available on both Mexico and the Philippines. These two countries are huge when it comes to receiving external remittances, he affirmed. Mexico received $31 billion USD last year while the Philippines were able to get $33 billion USD.

Because of this data, the company believes that the country holds a considerably big demand for services such as the ones being offered by Ripple. Also, many of these payments are made in order to cover necessities, so they can have a really high impact on the lives of these people.

Mole also affirmed that the company was able to settle payments in mere minutes while most of the other companies out there took sometimes even days. The cost is low and the impact is very big, so these markets are going to be considerably improved by being a part of the company’s targets for growth.

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Author: Gabriel Machado