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Coinone Transfer, a subsidiary of the South Korean Coinon exchange, has unleashed Cross, a mobile app for the transfer of funds to foreign countries.
The app, which has been under development for months, is based on XRP's blockchain network, RippleNet. The main objective of the service is to facilitate cross-border remittance transactions by transferring funds seamlessly from South Korea to Thailand and the Philippines. Its partners include Siam Commercial Bank (Thailand) and Cebuana Lhuillier (Philippines).
The service promises that it will provide its customers with access to PromptPay, powered by MasterCard, which will allow you to receive funds in the two countries at an instant and without intermediaries.
Ripple representatives note that the service was introduced due to a large number of immigrant workers: according to government estimates for 2017, there are currently more than 153,000 Thai workers and 58,000 Filipinos residing in South Korea. As a result, they send high volumes of remittances to their countries of origin, which are usually expensive and cumbersome.
"It is not surprising that the rate of incoming and outgoing returns from the country has skyrocketed – with the World Bank estimating only about $ 17 billion in remittances last year," reads the announcement.
The new service together with other initiatives such as the multi-hop "a" function on RippleNet launched by SCB, the access to Latam and Europe for InstaReM remittance customers throughout the region and the MoneyTap mobile app of Japan Bank Consortium "promises to significantly reduce transfer costs of remittances that continue to be high, particularly in the ASEAN region.
Ripple is a step closer to the moon
The choice of RippleNet by Coinone Transfer is the last example of Ripple's results in cryptographic space. The company has certainly managed to impress many commentators this year and is constantly expanding.
In summer, AltcoinBuzz reported that Ripple has hired three elders, David Schwartz, Kahina Van Dyke, Dan Morgan, all specializing in finance and cryptography in particular. Since then, the company has rallied the negotiations to conclude with the NCommercial commercial bank of the Kingdom of Saudi Arabia which now also uses RippleNet. Moreover, Ripple now allows PNC, a bank with a consistent customer base of 8 million customers, to receive real-time cross-border payments on Ripplenet.
And this is far from it all: in October, the company hired the key Google employee, Amir Sarhangi, to help develop the RippleNet product.
Judging by the fact that Ripple has been buzzing lately, and even garnered praise from the American multinational financial services company, American Express, the company is definitely on its way.
