Cebuana Lhuillier, a firm with around 2,500 branches across Philippines and over 200 accredited international partners, has adopted RippleNet’s blockchain technology for real-time remittance service.
The latest adoption, according to an update is to specifically increase the power of Cebuana Lhuillier in the remittance industry.
Cebuana Lhuillier, Philippine’s leading microfinancial services provider, will be using Ripple’s state of the art software solution xCurrent.
The tool makes it easy for banks to perform cross-border settlement with end-to-end tracking and communication in a seamless and instant way.
The partnership makes Cebuana Lhuillier becomes the first microfinancial services provider in the Philippines to use a blockchain network solution to achieve fund transfer from OFWs in any part of the world to their families and acquaintances in Philippines.
Meanwhile, the RippleNet’s blockchain solution will be linked with Cebuana Lhuillier’s 24K card, to use the remit-to-and-from-savings account feature activated on the card.
Cebuana Lhuillier’s 24k plus card was introduced in August 2012 to mark the Cebuana Lhuillier’s 25th year anniversary. The card offers faster transactions and e-Money service.
The partnership, according to Jean Henri Lhuillier, Cebuana Lhuillier president and CEO, will heighten the efficiency of the financial institution.
“Using xCurrent will improve efficiency on how we provide service to our clients. This will also highlight Cebuana Lhuillier’s commitment to further innovate and evolve—true to our reputation as best-in-class in our industry.”
Ripple has been creating different beneficial links across the world. The remittance startups has the intention of partnering with nearly half of world’s reputable banks.
With its nonstop romance of diverse financial institutions, there is tendency the firm achieves its aim in the set 5 years target.