- LuLu Exchange, which is a popular market choice in the Middle East’s online money transfer sector, will work alongside the firm Ripple to enhance the speed and frictionless experience of cash transferring.
- It will use the blockchain-powered RippleNet as part of an enhanced relationship with the firm, which is currently facing allegations from the US regulator the Securities and Exchange Commission.
- A spokesperson for LuLu Exchange said that the “partnership is a step forward in providing our customers the best possible experience for their payment needs to India”.
A leading cross-border payments provider in the Middle East has decided to opt for blockchain by picking RippleNet to help it with its payments architecture.
LuLu Exchange, which is a major provider of transfer services in the region, said that it aims to use RippleNet to help it make transfers across borders in the United Arab Emirates (UAE).
The service will be targeted in particular at Indian people who are living in the UAE as expats.
The new scheme will be instituted in conjunction with Federal Bank, which is a personal bank in India.
RippleNet offers customers the chance to decrease friction and boost the speed of cash transfers.
It is also highly secure following its recent announcement that it has gained SOC 2 certification for its RippleNet Cloud product.
The transfer corridor between the UAE and India will now include faster turnaround times thanks to the option from these two companies.
Customers will be able to place transfers using the LuLu Money mobile phone app, and from there they will be able to arrange speedier payments.
According to Adeeb Ahamed, who serves as LuLu Financial Group’s managing director, the arrangement builds on a pre-existing relationship between the two companies.
It will also have a tangible and positive consequence for the experience of clients when sending money abroad to India, he said.
“Our long-standing association with Ripple has opened up plenty of avenues for us to solidify our presence in existing and new corridors, and the latest partnership is a step forward in providing our customers the best possible experience for their payment needs to India,” he said.
Recent negative headlines about Ripple have clearly failed to prevent some of the world’s most active international money transfer providers from hiring the firm’s services.
The popular and market-leading firm has been accused by a powerful American regulator of failing to register as a seller of securities.
Two of the firm’s senior leaders have also been accused.
However, the company has denied the allegations, and pointed out that various other global regulators place XRP – the company’s cryptocurrency – firmly into the virtual currency category rather than the security one.
The company is currently fighting the claims in court.