“Over the last two years, we have been focused on helping banks and businesses provide seamless and secure payment experiences while we continue to look for more opportunities to connect their businesses to the global world. We have also identified partnerships as a major factor to achieve our mission and that is why we recently integrated to Ripple Blockchain Network,” the firm announced in a staement.
Ripple is a global leader in enterprise blockchain with a growing network of over 100 customers around the world with xCurrent, xVia, and xRapid in their product suite.
Blockchain is a distributed ledger of records without a centralized system on which the older parts of the record cannot be altered.
Just like an accounting ledger receives transaction records from the Journal and shows the transaction history of each account, blockchain receives transaction records from transacting parties and updates them in each of the parties’ ledger so that everyone has a clear picture of the true state of the transaction at any time. Also, unlike regular databases whose records could be updated or deleted at anytime, blockchain transactions cannot be reversed or deleted.
These reasons have made blockchain one of the most attractive technologies to use for payments and financial transactions.
xCurrent is used by banks and payment providers to process global payment for their customers, enabling more efficient processing of payments with certainty and provides the foundation of technical connectivity for RippleNet. It is the core product for financial institutions with a real-time settlement and bi-directional messaging.
By joining the Ripple Network for payment processing across Africa, the firm will enable banks and payment providers on the Ripple Network to receive payment from their customers anywhere in the world seamlessly via the blockchain technology.
This partnership leverages Flutterwave’s Core API disbursement engine and Ripple’s xCurrent platforms, making it easier for glocal (global + local = glocal)businesses to receive and terminate P2P, B2B, and B2C payments into Africa.
Rave by Flutterwave is its flagship product and it is plugged into its Core API services, with the capability to allow small businesses and global corporations to make payments and get paid locally and globally.