UAE Exchange Seeks Agreement with Ripple to Promulgate Payment Acceleration with Blockchain Technology
United Arab Emirates Exchange is increasing its blockchain efforts and is in talks with Ripple starpacking Blockchain in order to come to terms with the main objective of innovating the process of accelerating payments.
Using blockchain technology, the exchange seeks to introduce cross-border payments in real time. It believes that the integration of technology into its processes would improve speed and reduce the cost of money transfers for its customers.
United Arab Emirates Exchange has already made investments in two blockchains related to companies in the last six months.
“UAE Exchange has been significantly investing in blockchain technology. In June of this year, the brand invested in Loyyal, a blockchain innovator building a global loyalty network. Earlier this year, the brand also joined Bankchain, a community of banks for exploring, building, and implementing blockchain solutions, and are in the process of tying up with distributed ledger startup, Ripple, for real-time cross-border payments.” said Promoth Manghat, CEO of UAE Exchange Group , The Arabian Business.
More recently UAE Exchange collaborated with Abu Dhabi Global Markets (ADGM) to expand development in the fields of blockchain technology, payments, artificial intelligence and peer-to-peer solutions.
UAE Exchange see blockchain technology as the solution to faster and more efficient money transfers at significantly lower cost to customers. The reason why seeking to reach an agreement with the US company Ripple is that it uses its public blockchain that is favorable to banks, the Ripple Consensus Ledger, to link its international partnerships and facilitate money transfers in real time at the level which would undoubtedly meet the goal of streamlining payments and reinforcing the company’s potential.
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