Money service company LianLian International has entered into an agreement with Ripple to use the latter's enterprise blockchain solution, xCurrent, to process real-time cross-border payments.
Under the agreement, LianLian International will use RippleNet to process payments on behalf of merchants and consumers, including invoice payments and e-commerce payments, into China instantly, efficiently and at a low cost.
“LianLian International is a leader in the payout experience both into and out of China, as evidenced by the large number of our merchants and partners. With RippleNet, we will further enhance that experience and increase our market share by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support. We look forward to working with Ripple to power payment flows between China and RippleNet members in new markets,” Arthur Zhu, Chairman of the Board, LianLian International, said.
Using RippleNet, LianLian International will accept payments from overseas financial institutions and disburse these payments to the recipients in China. In addition, it will provide a connection to China for other RippleNet members, facilitating transaction flows between merchants and consumers in China and other markets.
“Cross-border payments related to China’s e-commerce market reached $1.07 trillion in 2017. There is a huge opportunity to make these payments quicker and more cost-efficient,” said Emi Yoshikawa, Director of Joint Venture Partnerships, Ripple. “With RippleNet, LianLian will now be able to provide merchants and consumers with on-demand payments, which they weren’t able to before. We look forward to connecting other RippleNet members to LianLian.”
Headquartered in Hong Kong, LianLian International is a leading cross-border money service company specializing in delivering cross-border funds settlement services, instant payout, and frictionless customer experience.
