Ripple LianLian Partnership Aims to Enhance Cross-Border Payments for China

Aside from over 100 of the existing partnerships, Ripple has now added yet another collaboration to its list. Now, Ripple LianLian Partnership looks into ways of improving cross-border payments for China, Europe, and the US.

8 February, AtoZForex RippleNet has announced that it is collaborating with one of the China-based payment service providers, LianLian International. The partnership will aim to offer faster and less expensive cross border transactions for the customers of LianLian across the US, China, and Europe.

What is Ripple?

Ripple is the cryptocurrency behind a new blockchain-based project, which the main purpose is to replace the SWIFT banking system that is used for the international transactions. The project looks into bringing the distributed ledger technology into the mainstream.

Many believe Ripple has some advantages over Bitcoin. For instance, Ripple’s technology makes it a secure currency, according to the supporters. Also, the team behind the project claims that the coin provides faster transactions than Bitcoin – just a matter of seconds.

The CEO of Ripple. Brad Garlinghouse, has tweeted that Ripple has “just opened the door to the largest e-commerce market in the world”.

Ripple LianLian Partnership Aims to Enhance Cross-Border Payments for China

LianLian looks into utilizing Ripple’s centralized software payment solution, xCurrent. The solution is designed to work with financial institutions by enabling banks to approve payment details in real time.

LianLian already has Apple and PayPal as their strategic partners. In fact, the company is operating in such marketplaces as Amazon, Ebay, and Ali Express. Arthur Zhu, the CEO of LianLian, has commented on the partnership with Ripple:

“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.”

As of the moment, Ripple holds multiple partnerships all over the world with more than 100 financial institutions.  One of the latest collaborations, involving Ripple include the mid-January Moneygram deal that aims to speed up fiat payments.

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