SAN FRANCISCO--(BUSINESS WIRE)--LianLian International, an international money service company licensed in Hong Kong, will use Ripple’s leading enterprise blockchain solution, xCurrent, to process real-time cross-border payments on behalf of merchants and consumers, including invoice payments and e-commerce payments, into China. The production agreement, signed today, will see LianLian International use RippleNet to process payments into China instantly, efficiently and at a low cost.
LianLian International will accept payments from overseas financial institutions using RippleNet, and disburse these payments to Chinese recipients. In addition, LianLian International will provide a connection into China for other RippleNet members, supporting transaction flows between merchants and consumers in China and other markets — driving payment volumes higher.
“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,” said Emi Yoshikawa, Director of Joint Venture Partnerships, Ripple. “With RippleNet, LianLian will now be able to provide merchants and consumers with on-demand payments, which they weren’t able to before. We look forward to connecting other RippleNet members to LianLian.”
Arthur Zhu, Chairman of the Board, LianLian International, said: “LianLian International is a leader in the 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.”
Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.
About LianLian International
LianLian International, proudly serving global branding money transfer houses, international payment companies, and eCommerce and service provider platforms, is a leading cross-border money service company headquartered in Hong Kong. We specialize in delivering cross-border funds settlement services, and pride ourselves on instant payout and frictionless customer experience.