Ripple’s efforts in cryptocurrency space have been largely skewed toward creating global partnerships and tie-ups. This has allowed the company to apply its technology to regions that are just entering the cryptocurrency and blockchain industries.
The Brad Garlinghouse led organization recently partnered with Switzerland based AMNIS to create a more blockchain inclusive financial ecosystem.
Through the partnership, AMNIS is the first payment service provider in Switzerland to offer blockchain solutions to small and medium-sized enterprises. This applies to companies that employ fewer than 250 people.
The organization added that technology would make transactions faster and more cost-effective.AMNIS will utilize Ripple’s interconnected network of SME’s to create a much more holistic environment for companies to utilize blockchain technology. The organization has clearly stated Ripple was the preferred choice over the SWIFT mode of capital transfer. According to the AMNIS:
“Ripple has established itself as a major challenger to the current system in recent years. Ripple turns the SWIFT payment system upside down. The removal of middlemen (in the form of local correspondent banks) makes international money transfers significantly cheaper and more efficient.Ripple sees itself as a payment network and now supports almost all currencies.”
AMNIS also pointed out how blockchain technology developed from Bitcoin and later moved to other cryptocurrencies. Ripple uses its On Demand Liquidity[ ODL] feature to move capital around the globe. Partner companies also use the RippleNet, a global network of interconnected partners.
The distributed ledger technology used by Ripple paved the way for organizations such as AMNIS to create a decentralized ecosystem in Switzerland. AMNIS customers will be able to send funds to Mexico, the Philippines and Thailand using RippleNet. The business has announced that users will be able to submit to more countries.
There were three main reasons why AMNIS chose Ripple, according to the official release. The first was to increase the speed of international payments, more specifically their settlement time. Transparency was also of utmost importance in the partnership. Due to the protocol created by AMNIS, the costs are known only when the payment gets initiated.
AMNIS added that Ripple’s technology allows them to cut costs in the transactions fees department. Sources have said that Ripple’s tech allows AMNIS to reduce fees in the 50 percent to 60 percent range.