RippleNet Partner Finablr Forms Partnership with Alipay
A number of companies that partnered with Ripple’s have already registered significant progress in 2019. Finablr, a remittance payment system powered by RippleNet is one of those enterprises. Incorporation of On-Demand Liquidity (ODL) solution provided by Ripple, saw the company revenue rise to $183 million. In other words, Finablr’s earnings in 2019 have grown by more than 20% compared to the previous year.
Furthermore, last month, Finablr formed a strategic partnership with Samsung. The new in-app money transfer service now offers users seamless and secure cross-border payments to more than 40 countries through a wide range of payout methods, all within Samsung’s own mobile wallet.
There seems to be more positive news for Finablr. On the 27th of November, Alipay, the digital payment service of Chinese e-commerce giant Alibaba and announced a new partnership with Finablr for global remittances. It seems that Alipay customers in China will now be able to make electronic payments using Finablr’s payment system, thus allowing seamless trade across a wide range of international retailers. Finablr’s sight on the cross border transaction department has been evident for some time as the company had also partnered with Samsung to help its cause.
Clara Shi, the head of global remittances at Alipay commented on the partnership:
“We are excited to partner with Finablr for global remittances, as we continue to explore new ways to apply our technology in order to benefit more people around the world.”
The cooperation between the two companies will focus on the areas of cross-border payments, digital wallets, online shopping and VAT refunds, as well as the integration of the ATM network.
Promoth Manghat, CEO at Finablr, was happy about the growing number of Finablr partners:
“We are delighted to welcome Alipay to our growing portfolio of partners. Together we seek to empower the financial aspirations of billions of consumers with enhanced access and convenience for their cross-border payments needs. We will continue to build on our complementary capabilities and look forward to collaborating with Alipay on additional opportunities.”
Will XRP Be Utilized In This Partnership?
As mentioned earlier Finablr utilizes Ripple’s On-Demand L (ODL) liquidity services that are essentially powered by XRP to facilitate near-instant cross-border payments. It is yet to be confirmed if and when ODL will be utilized but given its advantages such as time and costs, as well as the fact that Alipay banned all bitcoin transactions on its network last week, the possibility of XRP to be involved in this partnership is quite high.
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