Ripple has partnered with the Chinese money transfer service LianLian International to process cross-border payments in real time.
Under the terms of the transaction, LianLian (Hong Kong) will use xCurrent, a product of Ripple for corporate chains, which the San Francisco firm advertises as a solution for instant payments.
Amy Yoshikawa, Ripple’s director for corporate clients, said:
“Cross-border payments related to the e-commerce market in China reached $ 1.07 trillion in 2017. It is possible to make these payments faster and more economical. Thanks to the Ripple network, LianLian will now be able to provide customers and consumers with payments in a form in which it was not possible before. We look forward to connecting other members of LianLian to RippleNet. ”
The new partnership is proof of the core of Ripple’s target activity in Asia, where the company’s technologies were adopted at major fintech markets, in countries such as Japan and South Korea.
As a result of the partnership of more than 100 existing members of the Ripple network, they will be able to interact with the Chinese market.
Ripple, but not XRP
It is noteworthy that the partnership with LianLian does not imply the use of XRP tokens, the Ripple Consensus Ledger (RCL). Although Ripple claims that xRapid – a block that uses XRP for liquidity – is more cost-effective and efficient than its other block-based solutions, most financial institutions have opted instead to connect to RippleNet and use the xCurrent platform.
The largest company using XRP is MoneyGram, a money transfer giant, who recently began testing xRapid using tokens to support its back office operations.