Leading pan-European payment gateway for online marketplaces, Lemonway has partnered with Ripple, an enterprise Blockchain global payments solution to facilitate affordable and transparent European transactions. This tie-up will enable Lemonway to leverage Ripples’s worldwide financial network to transform its Euro-to-Euro payouts, consisting of over 80% of the total payout volume.
This partnership will speed up the current slow and complicated payment processing experience for customers requiring easy and secured purchasing processes. While marketplaces today generate massive volumes of estimated $6 – $8 trillion payments, the settlements can take almost a week, leaving global merchants with blocked funds of enormous magnitude. In today’s digital environment, this time-lag is unacceptable.
The partnership was announced by Lemonway on their Twitter handle
We’re proud to announce our partnership🤝with @Ripple 🔗Thanks to #RippleNet, Lemonway is now able to provide instant & more transparent Euro-to-Euro #payments for #marketplaces#instantpayment #blockchaintechnology #psphttps://t.co/OZvAmcglMf pic.twitter.com/bPPlDrAdin
— Lemonway (@LemonWay) October 6, 2020
This partnership is a win-win situation for Lemonway. Today, about 200 crowd-funding platforms of 1,400 European marketplaces depend on the powerful payment management and processing solution of Lemonway. However, managing exponential growth in transaction volumes is not easy and has posed increased challenges to Lemonway’s existing infrastructure. Stretched out processing times of the usual cross-border payment services has been the norm till now.
But these conditions will change after the partnership with RippleNet, and by default, to their link with Nium, the worldwide money transfer network. Lemonway will be able to improve the payment efficiencies of its euro-to-euro payment services and diversify to other currencies in the future. It will be possible because RippleNet has access to hundreds of global financial bodies, and Lemonway will leverage this advantage to benefit their payment solutions.
RippleNet, too, is thrilled at the development. In a statement, Rohit Bammi, Global Head of Institutional Business, Nium said that they are happy that Lemonway users can now have enhanced payment routes and improve their payment capabilities. He also looks forward to creating a fintech infrastructure that will help financial institutions and banks to initiate innovative and scaled up financial services without the present drag on time and costs.
By taking the benefit of RippleNet’s infrastructure, Lemonway can make use of Blockchain technology to address issues with complex operational efficiencies while gaining a competitive advantage over their peers. Blockchain technology, as used by RippleNet, optimizes the support of payment providers on marketplaces with a more efficient, reliable, and transparent payment processing system. The takeaway of this partnership is instant payouts, which till now, has only been a dream for merchants.