- Ripple’s Partner, Finablr Partners With Alipay to Facilitate Cross-Border Payments
- Finablr uses Ripple’s On-Demand liquidity product powered by XRP for near-instant remittances.
According to reports, the digital payment extension of e-commerce giant Alibaba, Alipay has today partnered with Finablr. Per the report about the XRP news today, the collaboration is designed to facilitate global remittances. Finablr is a Ripple partner. The XRP news came via an official announcement. This markets another milestone for the XRP token as it continues to gain more utility. Alipay is run by Alibaba’s AntFinancial. The platform boasts an enormous customer base of 1.2 billion. It is a forex and remittance company that uses Ripple’s RippleNet product for global remittances in over 170 countries. It is understood that the initial phase of the partnership is complete. This involved the integration of Finablr with the AntFinancial remittance system.
For the next phase, the integration will extend to Alipay’s e-wallet partners. Meaning Alipay e-wallet customers will have the opportunity to seamlessly transfer funds to other Finablr users in any location across the globe. Apart from leveraging their capabilities to facilitate faster and more efficient global payments, both entities will explore other avenues like digital gifting and driving with the Ant Blockchain Information model.
Finablr’s CEO Spoke Highly About the Scheme
Speaking about the new partnership between Finablr and Alipay, Finablr’s CEO, Promoth Manghat said the company is happy to work with Alipay as a partner. He believes that both entities can empower the financial dreams of countless customers by providing enhanced access and convenience to cross-border remittances. Many companies use Ripple’s technology. These entities have made impressive progress so far. Finablr is a good example. After incorporating Ripple’s On-Demand Liquidity solution to its platform, Finablr has reported a revenue of $183 million. This means that Finablr’s earnings for the year have grown by 22% compared to last year. Recall that last month, Finablr reported that it had collaborated with tech giant Samsung. The partnership allows Finablr to install an in-app feature on the laters devices. This app facilitates global payments.
XRP (XRP) Price Today – XRP / USD
Name Price 24H % $0.240
Regarding the XRP news, Finablr already uses Ripple’s On-Demand liquidity solution powered by XRP for near-instant payments. And as mentioned above, the collaboration leverages Finablr’s technology as well as its global reach. Therefore, it is safe to say that XRP will partly be involved in the scheme with Alipay. Recall that last month, Alipay revealed that it had banned transactions that involve Bitcoin use on its platform. This bodes well with the new anti-crypto stance China has taken in recent months.