A just declared partnership has been signed down by the San Francisco located start-up Ripple and a UAE [Abu Dhabi] based remittance firm.
With the target to step-down frictions related to transactions and costs, UAE Exchange will find use of RippleNet service for past border transactions. The movement was signaled since last year that it will take place, that the firm [according to which it is located in 31 countries with 800 branches] has put Ripple’s tech under radar.
The tech, as mentioned in various statements, is about to find use by UAE Exchange to hoist the competitive environment in the market for remittances:
“The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions,” Promoth Manghat, the company’s chief executive, was quoted as saying by Business Insider.
Just to clarify as many ask, the company is not planning to use the XRP token – while it will deploy Ripple’s broader tech platform for completing the given tasks [transactions].
The UAE Exchange marks the latest firm to sign on with Ripple, which has announced partnerships with firms like LianLian, Santander UK, IDT Corporation, Mercury FXand MoneyGram in recent days.
IDT Corporation and MoneyGram are trying out Ripple’s xRapid service that puts in use the XRP token. LianLain is using RippleNet, while on the other hand Santander UK is utilizing xCurrent.