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Payment platform MoneyNetint wins award for most connections on the Ripple network

Payment platform MoneyNetint wins award for most connections on the Ripple network

Global payment platform MoneyNetint has won Ripple’s Best Connector Award for outstanding business growth over the past year. In an email to CryptoSlate, the company said the award will help strengthen its foothold as a leader in cross-border payments and grow its user base around the world.

Ripple awards global payment platform for exceptional growth

While not the most marketed event in crypto, Ripple’s annual Swell conference brings together some of the most prominent names in the financial and payment sector. This year’s conference, hosted in Singapore, saw major announcements and hosted discussions on trends and real-world issues in the industry.

One of the traditions of the event is an award ceremony, in which Ripple acknowledges the efforts and contributions made by its partners and collaborators. The company that stood out at this year’s Swell is MoneyNetint, which won Ripple’s Best Connector Award. Ripple awarded the global payments platform for its “excellence in user acquisition and increased transaction volume throughout the past year.

Ripple’s account manager Luke Cutajar said:

“During 2019 they have on-boarded more than 10 partners and many financial institutions from all over the world offer their customers a frictionless and effective solution for EUR SEPA clearing.”

In a press release shared with CryptoSlate, the company said the award strengthens its foothold as a leader in helping international businesses successfully create fiscal transactions in today’s borderless economy.

MoneyNetint said Ripple’s state of the art blockchain payments technology was the main reason they decided to join the network and use it to facilitate international cross-border transactions.

Global payments make the best use of Ripple’s network

While still a young company, U.K.-based MoneyNetint has set itself at the forefront of revolutionizing cross-border payments. According to the company, traditional international transactions restricted businesses from operating globally and forced them to limit their customers only to those within their country’s borders.

This is why they set out to create a platform that would manage the payments and currency needs of businesses around the globe. Yishay Trif, the CEO of MoneyNetint said:

“By breaking down geographic barriers, companies can confidently work with and purchase from whomever they choose, in any locality.”

He explained that adding Ripple’s blockchain solution to their platform allowed the company to deliver a “superior product.” With a trusted and proven platform, businesses can operate and flourish globally, he added.

The company currently processes thousands of cross-border transactions per month in Europe, the Americas, Asia, and Brazil, and has partnered with companies such as Onfido and PXP Financial earlier this year.

However, having an open, borderless payments platform comes with its cost. MoneyNetint has been the subject of an investigation by authorities in Poland and the E.U.  According to Fintel Report, both MoneyNetint and investors have been warned about violations of securities and capital market laws. While no decisive legal action has been taken against the MoneyNetint, its connections to several high-profile shady companies in the past few years have cast a shadow on the growing company.

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Priyeshu Garg
Author

Priyeshu Garg

Crypto Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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