- Ripple News Today: Nium partnered with Visa to facilitate instant payments to Indonesia
- The Nium / Visa partnership took place after the MoneyGram suit
According to reports, the latest Ripple news is another member of RippleNet that has increased its global presence. This Ripple-based solution is Nium. The new agreement with Visa Direct will ensure that Nium will make transfers to Indonesia. According to Ripple News, the program was launched after Nium obtained a license from the Bank of Indonesia. This latest Ripple news comes after money transfer giant MoneyGram benefited from a partnership with Ripple. MoneyGram uses Ripple’s on-demand liquidity product (formerly known as xRapid) along with XRP crypto. Now another RippleNet member, Nium, is increasing its coverage.
The Nium / Visa partnership took place after the MoneyGram suit
Earlier it was reported that MoneyGram was working with Visa to create a system for Visa Direct. They also introduced a P2P debit card service that is only used in the US. Nium, a company first founded in Singapore, has partnered with Visa Direct. Before working together, Nium received a license from the Bank of Indonesia. The purpose of the license was to give them permission to facilitate transfers in the area. The agreement made Nium the first fin-tech company to offer remittance services in Southeast Asia. The service transfers funds directly to users’ bank accounts using Visa.
Commenting on the new agreement, Prajit Nanuet, CEO of Nium:
“At Nium, we know that both individuals and companies need to get their money quickly, especially in markets that don’t have instant payment solutions like IMPS or FAST. This partnership enables us to use Visa’s push payment solution. It provides us with a secure network that allows our users to transfer money faster, safer and more conveniently. “
Kunal Chatterjee, the company’s chief executive in Singapore, said on behalf of Visa:
“Nium is now the first fintech partner in Visa’s Fintech Fast Track program to offer real-time transfers with Visa Direct, our push payment solution.”
In a recent interview with Brad Garlinghouse, Ripple’s boss quoted a call from MoneyGram’s Alex Holmes. Garlinghouse said the expansion of Ripple’s on-demand liquidity was too slow and suggested adding more corridors to the initiative.
XRP (XRP) Price Today – XRP / USD
Currently, MoneyGram offers its funds’ remittance services to Mexico. This is done via the Bitso cryptocurrency exchange with Ripple’s XRP. The head of MoneyGram admitted that using on-demand liquidity works like magic. According to him, an impressive 10% of the cash flow into the country (Mexico) is handled through XRP.