Ripple’s partner MoneyNet and PXP Financial sign partnership

14 Jun, 2019
by Joeri Cant
Ripple’s partner MoneyNet and PXP Financial sign partnership

Ripple’s partner MoneyNet International and PXP Financial have signed a partnership to facilitate cross-border payment solutions in the United States of America and the European Union.

MoneyNet International, which is an electronic money institution with an existing Ripple partnership, has teamed up with PXP Financial, to enable a straighforward and unified cross-border payment process in the US and the EU.

Thanks to this partnership, PXP Financial, a payment processor company, will make it possible for MoneyNet to offer major global credit and debit card processing, and will further make it possible to open up other payment methods like vouchers, e-wallets, online and offline banking.

The partnership will have another major financial benefit, being a huge reduction in operational costs.

Avi Starodubsky, Head of Business Development at MoneyNetint, said that MoneyNetint has always prided themselves on being bold and offering the most innovative and effective solutions for their customers, while helping to reduce costs for businesses worldwide.

'We’re delighted to have joined forces with the team at PXP Financial, and to be working on our joint goal of providing seamless global payment services', he said.

The CEO of PXP Financial, Koen Vanpraet, added that PXP Financial and MoneyNetint are extremely proud to be working together to create frictionless payment solutions for their respective customers as well as additional, innovative services.

'The future looks bright for our partnership; together, we want to help our clients to be able to accept credit cards for their online goods and services and utilise its acquiring services', the PXP Financial CEO said.

In a related matter, Chepicap previously reported that MoneyGram’s global head of product and innovation Youri Bebic stated cryptocurrencies are very likely to be the future of cross-border money transfers.

'We did a proof of concept with one cryptocurrency. We made a press release so I can mention that it was with Ripple where we are trying to see if we can use cryptocurrency for liquidity in the markets. The big secret on money transfer is that money doesn’t move, money is already there', he said.

He continued by saying that if he were to transfer money from one country to another and then physically move the money, it would take a lot of time. To remedy this, Bebic states that if cryptocurrencies are able to scale and if the markets have enough liquidity, it could remove the need to pre-fund bank accounts.

Then, exchanges would be able to sell cryptocurrencies against their local fiat currency and deposit that into a bank account.

'We are obviously looking into that. We are running some pilots and trials and I do believe that it is highly probable that this is the way money will move in the future.'

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