Connect with us

Ripple and XRP News

With Ripple, FlashFX to Phase Out SWIFT Payment Networks -Technically Using RippleNet

Tabassum Naiz

Last updated

 

on

RippleNet

Every debate on international payment transfer brings us a though of Ripple and SWIFT. While on hand, former is expanding the payment system across blockchain, the latter is still uncertain about it.

However, Australia’s Flash FX, an international money transfer company is leveraging ripple ‘to phase out traditional FX liquidity and SWIFT payment network’. Although FlashFX is using XRP for payment for 2 years but ‘only ‘on ledger payments’. Nevertheless, in the latest conversation on Facebook messenger, the exchange indicates their future plan of enabling ‘off ledger payments’, it states that;

We have been using Ripple for payment for 2 years (on ledger payments) and eventually we will enable off ledger payments, increase our range of currencies and destinations and phase out traditional FX liquidity and payment distribution.

Image credit – Screenshot from conversation with FlashFX team on facebook

Although FlashFX’s preference on Ripple’s product is still out of sight but during the conversation, the team notes that they’re technically using ‘Ripplenet.

READ  CoinBase Given the Green Lights to Offer Custodial Services for XRP by New York DFS

Regulated by the Australian Securities and Investments Commission (ASIC), and the Australian Transaction Reports and Analysis Centre (AUSTRAC), FlashFX has already partnered with Ripple to improve its foreign exchange activities with liquidity and transparency across Australia.

As such, Nicolas Steiger, the CEO of FlashFX says;

“We are excited to be part of the growth in international payments processing. It is about time that consumers and businesses saw a significant change in how money moves across borders. The service offers an alternative for Australians who want to remit a payment faster and cheaper than banks currently provide.”

In a discussion, FlashFX officials also revealed that they’re looking to expand and they’ve recently added India as a destination. Moreover, the official states that the FlashFX keen to drive more payment flow from Australia to India.
Screenshot

READ  SendFriend with xRapid To Begin Payment Service by Q1 2019

What do you think about FlashFX’s using Ripple’s technology to phase out Swift payment network? 

  • Bitcoin
  • Ethereum
  • Xrp
Scan to Donate Bitcoin to 1FcZUrMQbFv4deaK2CEiHbJJqpoUrCiCYA

Contribute to RippleCoinNews!

Your donation empowers us to continue our work.
Scan the QR code or copy the address below to send some Bitcoin

Scan to Donate Ethereum to 0xC0612377900F7965836E490705D55A70525FcD34

Contribute to RippleCoinNews!

Your donation empowers us to continue our work.
Scan the QR code or copy the address below to send some Ethereum

Scan to Donate Xrp to rDsbeomae4FXwgQTJp9Rs64Qg9vDiTCdBv

Contribute to RippleCoinNews!

Your donation empowers us to continue our work.
Scan the QR code or copy the address below to send some Xrp

Tag/Note:- 73917877
1 Comment

1 Comment

  1. Avatar

    Geert Logghe

    January 26, 2019 at 5:04 am

    Absolutely marvellous news! SWIFT is a not only slow and expensive, but it is an ugly political tool and needs to be removed from the world of tomorrow.

    Cheers!

Leave a Reply

Your email address will not be published. Required fields are marked *