Victor Ugochukwu · Dec 14, 2020 . 5min read
Lemonway partners with Ripple for effective Euro payment transactions
RippleNet will give Lemonway the added competitive advantage by helping them in efficient payment processing for its merchants .
By Victor Ugochukwu · Oct 6, 2020 . 6min read
Lemonway, a modular payment solution for marketplaces and crowdfunding platforms is focusing on the European markets partners with Ripple for an instant, more transparent and cost-effective Euro transactions.
In a recent press release on 6th October 2020, Lemonway announces that it will now be leveraging Ripple’s RippleNet to push its euro-to-euro payouts. The platform records most of its payment volume in Euro-to-Euro up to 80% of its overall transactions processing volume. Hence, an open-ledger and faster clearance solution like RippleNet should help drive its efficiency better.
Additionally, Lemonway is a Category A king in the payment processing industry within its region. Currently, it supports over 1,400 marketplaces in Europe including 200 crowdfunding platforms as per the press release. As a growing platform, many merchants across Europe have come to trust; thus, it needs to live up to growing demands. Lemonway counts this partnership with Ripple expedient as it says to increasingly manage large volumes of transactions across multiple merchants and regions across Europe, “often leads to delays”. These delays can sometimes span up to one week for payouts and settlements, clearly not frustrating customers.
Consequently, Lemonway turns to RippleNet to help address the “operational and complexity challenges”. As most marketplaces require instant payouts to thrive, RippleNet will give Lemonway the added competitive advantage among other industry players.
Martin-Pierre Gaultier, Chief Commercial & Marketing Officer at Lemonway in the press release said,
“As a company that embraces innovation, we are always looking for new business models and technological capabilities that can enable us to offer better services to the marketplaces we serve and specifically their beneficiaries,”
RippleNet adoption grows as Lemonway becomes the latest payment company to be added to its list of customers.
Ripple has continued to report the adoption of its RippleNet platform. RippleNet is a network of institutional payment-providers such as banks and money services businesses. The developer company Ripple uses it to provide a frictionless experience to send money globally. However, even though it is a cryptocurrency company that mints XRP, RippleNet does not necessarily utilize XRP. Nonetheless, Ripple says its ODL (On-Demand Liquidity) product using XRP as a bridge currency is already getting huge traction. Ripple reports that ODL accounts for nearly one-fifth of all transactions on RippleNet.
So while Lemonway may have adopted RippleNet, it does not automatically mean the Euro payment processing company will start accepting XRP.
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