- For the company MoneyMatch, the overall operation costs have been declining by as much as 40% thanks to the power function of RippleNet.
- This was recently revealed by the CEO of the company.
For the company MoneyMatch, the overall operation costs have been declining by as much as 40% thanks to the power function of RippleNet. This was recently revealed by the CEO of the company.
For those that don’t know, MoneyMatch is an international remittance provider that focuses primarily on small to medium-sized companies based in Malaysia. After they adopted the protocol from the San Francisco-based Company ripple, they had faster and low-cost payment services which were provided to more than 120 countries on a global scale.
Adrian Yap is the CEO and co-founder of MoneyMatch and said that the banks in Malaysia are known for charging high fees to send value across borders. The CEO further said that the company joined ripple so they could cut their operational costs. Through this, they were then allowed to offer more affordable services to their customer base.
Furthermore, the CEO highlighted that the protocol has allowed them to reduce the cost by around 40% which is extremely bullish news for the firm. The solution has also enabled them to process transactions in just hours.
Before they adopted the ripple powered solution, the company was using the traditional SWIFT network which helped them clear that European payments. This typically took up to 48 hours for a transaction to clear however, with the Ripple solution, only a few hours are needed.
The company said:
“We struggled to find a decent European partner and were stuck using the SWIFT system to make payments there. Working with RippleNet partners allowed us to cut our costs by as much as 40% and instead of transactions taking at least two days, we were completing payments in just a few hours.”