Hong-Kong-licensed money service, LianLian International will use Ripple’s enterprise blockchain solution, xCurrent, to process real-time cross-border payments into China, the company announced today.
“Cross-border payments related to China’s e-commerce market reached USD 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, in a statement. “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.”
LianLian specializes in delivering cross-border funds settlement servces. It will now accept payments — including invoices and e-commerce — from overseas financial institutions using RippleNet, and disburse these payments to Chinese recipients, said the statement. In addition, the company will provide a connection with China for other RippleNet members, supporting transaction flows between merchants and consumers there and in other markets.
Arthur Zhu, Chairman of the Board, LianLian International, said, in a statement: “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.”