According to the email we received, the production agreement will enable the Chinese payment provider to use xCurrent to power real-time cross-border transactions between China, the U.S. and Europe.
xCurrent is Ripple’s settlement solution that provides end-to-end tracking, says an article by the Ripple team, adding Ripple has more than 100 financial institutions in its existing network.
Each year, LianLian processes billions in payments between merchants, including major online retailers like eBay, Amazon and Ali Express, and consumers.
LianLian CEO Arthur Zhu said, “LianLian International is a leader in 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.”
The inclusion of LianLian also functions as a key connection point into China for RippleNet’s other members. With financial institutions already in India, South Korea, Japan and Thailand on the network, transaction volume between members can take place more efficiently and cost-effectively.
Emi Yoshikawa, director of joint venture partnerships at Ripple, stated, ““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.
“With RippleNet, LianLian International will now be able to give merchants and consumers quicker, more cost-efficient payments into China, which they weren’t able to before. We also look forward to connecting other RippleNet members to LianLian.”
Image via Ripple’s Press Center