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French Europe’s leading payment institution, Lemonway, was announced to have joined RippleNet by its parent company, Ripple, on 6 October 2020.
The new burgeoning partnership, which seeks to make transactions across European borders faster, secured, and more transparent, would see Lemonway try to use the strong Ripple’s blockchain network for its current euro-to-euro payments, which makes the bulk of all of its transactions.
Presently, over 1400 European marketplaces have a firm and trusted belief in the Lemonway payment gateway system.
Why Lemonway decided to partner with Ripple
Lemonway is seeking to increase the speed of transactions and make the erstwhile complicated payment process more accessible, more efficient, and seamless for their customers. The marketplace of today generates over $6 trillion in payment, which can take as long as a week before it is settled.
This waiting period is too long a time, especially when we consider that the world is going towards a more digital period than ever in its history.
Also, this partnership leaves Lemonway in a very enviable position of relying on the more advanced technology infrastructure of Ripple as their current infrastructure is being stretched to the limit because of the enormous task that is expected of payment management and processing solution like Lemonway is.
All of these challenges would become a thing of the past for Lemonway. It would improve its efficiency and become more open to future currency diversification away from its current euro only transactions.
In an online article, Ripple made it known that Lemonway’s new connection to its Nium platform would help transform border to border transactions while significantly reducing the time spent before a payout occurs.
Recall that Lemonway was established in 2007, and by 2012, it received permission and a European passport from ACPR, a body saddled with monitoring activities of financial institutions in France.
