Ripple has facilitated remittances from 19 European nations into Africa through the Tanzanian financial tech company, Nala. They are an agent of Modulr, following through on the partnership announced between the two last year.
February 2022 saw Ripple and Modulr collaborate to facilitate seamless payments in the United Kingdom and throughout Europe. The two tech companies allow businesses to execute real-time payments on an international scale through the Ripple technology, RippleNet.
Ripple Facilitates Remittances from 19 EU Nations
The news was first shared by Twitter user @TeholBeddictXRP, who stated the remittance action was taking place. The post shared that Nala, an agent of Ripple and partner of Modulr, would follow through on an expansion into Europe. Thus, the partnership assisted the remittance to Africa from 19 various EU countries.
The two entities announced their partnership nearly a year ago. Stating that Ripple’s leading blockchain and cryptocurrency solutions platforms would brilliantly collaborate with Modulr to orchestrate cross-national payments. The partnership hoped to develop the easiest method for international payments available through RippleNet.
Nala entered the U.K. market through Modulr; becoming an Electronic Money Directive (EMD), according to U.today. Subsequently, Ripple announced that it partnered with MFS Africa, a digital payments gateway, according to the same report.
MS Africa utilized the Ripple On-Demand Liquidity (ODL) solution to enable both individuals and businesses to execute real-time, crypto payments internationally. All of this was possible through the use of their mobile phones, powered by the RippleNet system.
Ripples ODL has experienced a plethora of new customers and expansion into a whole host of new markets. Those include Lemonway, Travelex Bank, and the Singapore-based firm, FOMO Pay, according to U.today.
The system was launched in 2018 to aid payments across borders of both low and high value, remittances, and various other use cases.