- Payment specialist Mercury has confirmed that it will be working alongside blockchain-powered money transfer service Ripple as part of a new deal to provide liquidity and ultimately reduce the time and cost involved in making transfers.
- The news comes alongside other positive stories for Mercury, which has been told that it can join the Intergovernmental Fintech Working Group’s Regulatory Sandbox.
- A press release from Ripple said that the firm was delighted to be working alongside a provider of Mercury’s innovative calibre, and said that it would look to do the same elsewhere in the future.
Ripple, a leading blockchain-fuelled provider of international money transfers for financial institutions, has announced a new deal with a payments firm.
Ripple is going to work alongside Mercury, which is an international payments group, on a new system linking South Africa and Britain.
The two firms are planning to cut the time it takes to send money abroad between the two countries down to just a few minutes.
They plan to do this with the On-Demand Liquidity service from RippleNet, alongside the innovative firm’s very own digital currency – known as XRP.
The news comes at a similar time to a series of positive developments for Mercury.
The company has also been told that it can enter the Intergovernmental Fintech Working Group’s Regulatory Sandbox.
This is based on its work with Ripple and also with another digital currency market participant, an exchange known as VALR.
In a press statement, Ripple said that it was pleased to be working alongside Mercury as part of the new offer.
The firm added that it considered Mercury to be showing an example of innovation, and that it would look to build similar alliances elsewhere.
“Ripple is honored to be part of this transformation of remittances and international payments within Africa in partnership with innovative partners like Mercury,” it said.
“We are committed to supporting similarly important efforts around the world and working closely with regulators to ensure their success.”
The firm went on to say that the goal of cutting down on inefficiencies in the cross-border payments system was one of its main goals when building alliances like these.
“That aim to shave time and money off international payments is especially critical for the larger African continent,” it explained.
The firm also acknowledged that international money transfers were often crucial for the financial health of people in regions such as sub-Saharan Africa, where inflows can often make all the difference.
“Remittances in particular are a vital source of income for families – often meaning the difference between buying groceries and going hungry, or making rent payments on time. Every minute gained and dollar saved carries with it very real human benefits,” it said.
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