LuLu Exchange and Bank Alfalah to Boost Cross-Border Payments via RippleNet

LuLu Exchange, a prominent financial services provider based in the United Arab Emirates, announced a strategic collaboration with Bank Alfalah, a leading bank in Pakistan, to boost the experience of 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 between the two countries through RippleNet, the global payments network of 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 firm Ripple.

RippleNet is one of the most popular services of Ripple. The company recently launched RippleNet’s ODL deployment in UAE. In May 2021, LuLu Exchange and the National Bank of Egypt partnered through RippleNet.

The recent collaboration between LuLu Exchange and Bank Alfalah will enable efficient and secure cross-border remittance payments between Pakistan and UAE. Pakistan is the world’s 6th largest remittance-receiving country and a large part of the remittances come from the United Arab Emirates.

“We’re excited to partner with Bank Alfalah and long-standing customer Lulu International Exchange to bring faster, cheaper and more efficient cross-border payments to Pakistan. As one of the largest remittance markets, it is a critical partnership to bring more financial access and inclusion to the region. We look forward to continuing our partnership with Bank Alfalah and broadening our reach into new markets in the coming year,” Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, said in the announcement.

Ripple and UAE

In November 2020, Ripple selected Dubai for the company’s regional headquarters. In 2021, the company partnered with Al Ansari Exchange, a UAE-based foreign exchange and global money transfer company. In addition to UAE, RippleNet is now getting popular in South Asia and Southeast Asia.

“Pakistan remains a key payments corridor for us, and we firmly believe that the partnership with Bank Alfalah and RippleNet will help foster new opportunities. By showing our commitment to strengthen the payment ecosystem from the UAE to Pakistan, we are determined to make the process of cross-border remittances more affordable and reliable for our consumers,” Adeeb Ahamed, MD, LuLu Financial Group, commented.