Ripple continues to expand its footprint globally. As of the Year 2019, RippleNet has been serving over 200 customers across the globe. Following the official launch of RippleNet in Brazil in June 2019, the network has made a series of expansion moves in Chile with the latest step being a partnership with Currency bird.
Currency bird has been in existence and operation in the areas of South America as from the year 2015 and has been facilitating electronic remittances internationally. The network supported by Ripple is already being used by a number of remittance players including MoneyGram, American Express and the Standard Chartered Bank. With the latest currency, Bird’s announcement of collaborating with RippleNet South America turns bullish as regards the adoption of Ripple’s remittance technology.
The financial firm currency bird is the first Chilean company to join Ripple’s global network bandwagon. As per the details of the partnership, the firm will be looking to adopt RippleNet to become the first Chilean payment firm to offer such services of remittance on top of RippleNet.
The financial reports recorded by World Bank indicate the highest remittance flows in the year 2018. They happen to be 9.6% higher than the remittance figures for 2017. The average remittance prices for transferring $200 in 2019 was 7%, and this figure even goes a bit higher in the Pacific’s and Africa. The World Bank, over the recent past, has been searching for ways to bring down the remittance charges from the said 7% to around 3% in line with its sustainable development goal.
Whereas Chile adds no much volume to Global remittance figures, more than two-thirds of the country’s population does have access to the internet even though they are unable to make payments internationally. This is the case because of the lack and non-availability of globally functioning credit cards in the country. As such, the population is dependent on the traditional cash-backed methods, which mostly limit the trade territory.
The partnership between Ripple and Currency Bird will go past this stranglehold by offering Chileans a cross-border trading environment. As of present, Currency Bird has been reported to be facilitating and supporting international remittances and the transfer needs of over 12000 clients. It has been able to do so and maintain a safe and secure international transfer environment ever since the year 2015. It has been very instrumental for Chileans living and studying abroad, foreigners residing in Chile with temporary residency and business organizations involved in foreign trade.
The announcement of the partnership was made on Currency Bird’s website. The publication notes that using RippleNet, more than 50 foreign destinations will now be able to be connected to Chile and will include the support for new currencies quick transfers and fortunately better prices.
The deliberations to collaborate between currency Bird and Ripple were done earlier this year to identify the targets that would benefit the Chilean population enormously. It is a first-of-its-kind and a significant move towards the adoption of Blockchain technology. After using Ripple’s network, Currency Bird will move to join the League of major remittance players who use RippleNet for such cross-border payments. Over 200 customers are currently using RippleNet’s technology with the technology being driven by the Interledger Protocol Solutions, a primary cross-border payment processor that has been able to offer reliable and at the same time low-cost services to clients all around the globe. Ripple supports and facilitates institutions like Banco Santander, the American Express, and many more, providing them with on-demand liquidity, which in the end increases the speed of transfer.