Currencies Direct opens remittance corridor to India via RippleNet  

11th December – Currencies Direct, a leading international payments and foreign exchange provider and a member of Ripple’s network (RippleNet), announced today that it will expand its plans to use Ripple’s xCurrent product to India.

xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking for customers. Using xCurrent, banks and financial institutions message eachother in real-time to confirm payment details before initiating transaction and to confirm delivery once it settles.

It includes a Rulebook developed in partnership with the RippleNet Committee that ensures operational consistency and legal clarity for every transaction.  Customers are able to track their payments at every stage, from the moment money leaves their account to when it lands in the recipient’s account.

Vivek Awasthi Chief Information Officer at Currencies Direct, says: “Our partnership with Ripple showcases the future of international payments and how technology can greatly improve the customer experience. As an experienced FinTech provider, we are always looking to enhance our offering to businesses who regularly send payments abroad.”

“When you think about the vast volumes of money that are being transferred around the world and to India specifically, it’s only right that customers have the ability to check the status of their funds at every stage. Whether you’re a consumer, sole trader, financial director or controller, people always want to have visibility of their money and we see xCurrent as a gamechanger for payments.”

Marcus Treacher, SVP of Customer Success, Ripple, says: “As RippleNet expands, it’s encouraging to see companies like Currencies Direct using blockchain technology to support remitters around the world. While they are starting with India, we’re working closely with them to move into other markets as soon as possible.”