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MoneyNetInt has provided a range of financial services for clients across the world since 2004. One of the company’s main offerings is low-cost cross-border payments, which is critical for its many customers that operate in a global market. Always looking for ways to help clients reduce costs and drive new business, MoneyNetInt joined RippleNet to make its global payments business even more efficient and secure.
“We facilitate cross-border payments for our corporate customers,” explained Business Development Director, Raphi Golan. “Many of them are based in South America and Southeast Asia but trade with customers in Europe and the US. We localize payments for them so they can receive and pay out cross-border transactions for far less commission than going through traditional payment providers.”
As the global payments market became more competitive over the past five years, MoneyNetInt began exploring ways to give new and existing clients more value. It quickly became obvious that blockchain technology was the answer.
“We knew that if we could cut how long it took to make a payment from a few days to the same day, while still reducing costs,” continued Golan, “it would allow clients to invest more time and money in developing their business. We saw that blockchain could disrupt the traditional cross-border payments industry but didn’t know how to do it in a professional and reliable way until we met the Ripple team.”
Moving Fast and Resolving Pain Points with Ripple
Once MoneyNetInt understood that Ripple would enable it to provide clients with faster, more secure, reliable and cost-effective cross-border payments, the company was keen to move fast. After just eight weeks of development, it was live on RippleNet and quickly onboarded six partners.
“It was extraordinary,” recalled Head of Business Development Avi Starodubsky. “We had a great relationship with the team at Ripple from day one. They understand the pain points of applying new technology to the traditional payments world and were responsive to our requests and needs.”
Along with giving clients more cost-effective cross-border payments, RippleNet increases transparency and security around the entire transaction. These capabilities are such a hit with clients that MoneyNetInt now emphasizes them with a “Runs on Ripple” tagline on its website.
“Having a partnership with Ripple is an added selling point when recruiting new customers,” said Starodubsky. “Being part of RippleNet is driving more business and we are constantly introduced to new partners. It also makes it easier to have a relationship with banks around the world, whereas before Ripple it was often hard for us to open bank accounts because of the tough regulatory environment in a lot of countries and regions.”
Driving New Growth with Alternative Banking Solutions
MoneyNetInt’s latest partnership with Brazilian-based payments provider BeeTech yielded more than 150 transactions in their first month of activity. These new RippleNet connections help open up new payment corridors—a requirement for the company’s increasingly global client base.
“We’re working on a big opportunity to provide local payments in Israel from the US and Philippines, both of which have large Israeli ex-pat communities,” said Golan. “We’re also seeing increased demand for instant payments and are looking forward to using the digital asset XRP to source on-demand liquidity during transactions on RippleNet.”
Working with Ripple has not just allowed MoneyNetInt to reduce costs and provide added value for clients, it’s given the company a crucial edge in a competitive market.
“We’ve always strived to give our customers alternative banking solutions,” concludes Golan. “Ripple puts us in a place to utilize innovative blockchain technology. Not all providers in the market know how to do this like we do, thanks to our relationship with Ripple.”
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