Currencies Direct is to open a new real-time cross-border remittance corridor to India using Ripple's xCurrent payment protocol.
Using xCurrent, banks and financial institutions message each other in real time to confirm payment details before initiating transaction and to confirm delivery once it settles. It includes a Rulebook to provide operational consistency and legal clarity for every transaction.
Customers are able to track their payments at every stage, from the moment money leaves their account to when it lands in the recipient’s account.
Vivek Awasthi chief information officer at Currencies Direct said: “Our partnership with Ripple showcases the future of international payments and how technology can greatly improve the customer experience. When you think about the vast volumes of money that are being transferred around the world and to India specifically, it’s only right that customers have the ability to check the status of their funds at every stage.
“Whether you’re a consumer, sole trader, financial director or controller, people always want to have visibility of their money and we see xCurrent as a gamechanger for payments.”