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

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