Al Ansari Exchange Collaborates with Ripple

Ripple announced yesterday that Al Ansari Exchange, a UAE-based foreign exchange and global money transfer company, has joined RippleNet, Ripple’s global cloud-based financial network technology.

In an official announcement, Ripple mentioned that Al Ansari Exchange will connect with leading money transfer technology company MoneyMatch to provide same-day remittances to Malaysia through RippleNet Cloud.

Ripple outlined that the mentioned service will initially facilitate transfers in Malaysian Ringgit (MYR), with plans to support the Brunei dollar (BND) and the Australian dollar (AUD) in the future. The latest announcement from Ripple came nearly 2 months after Global Money Express (GME Remittance) announced that the company has joined RippleNet.

RippleNet Cloud is one of the most popular services of Ripple. It enables banks and financial institutions to move away from aging infrastructure, and embrace the flexibility, speed and resilience of cloud computing. The adoption of RippleNet has increased significantly since the start of 2021.

Commenting on the recent announcement, Navin Gupta, Managing Director of South Asia and MENA at Ripple, said: “Al Ansari is one of the largest and longest-standing exchanges in the region, focused on expanding their network and evolving their offerings to provide the best financial services to their customers. We view this partnership with MoneyMatch as a continuation of that ethos, and we’re excited to be partnering with them to improve cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in key remittance corridors with RippleNet Cloud.”

Ripple and Cross-Border Payments

RippleNet has gained popularity among financial institutions around the world because of its speed and cost-effective nature. Earlier this year, Dubai’s Lulu Exchange and the National Bank of Egypt connected through RippleNet.

“RippleNet leverages Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology to help partners across a global network accelerate their business performance and scale. It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure that enable real-time payments,” Ripple mentioned in the official press release.