Thanks to a recent partnership with Ripple, the pan-European payment solution for online marketplaces, Lemonway, will now leverage RippleNet to unlock instant Euro-to-Euro payouts for marketplaces, which currently make up 80% of its payments volume.
Lemonway announced the news in a press release published on Tuesday, October 6th. Through RippleNet, Lemonway is now also connected to Nium, a Singapore-based open money market that also uses RippleNet, to transform its international payments and significantly decrease payout times for its customers.
According to Lemonway, more than 1,400 European marketplaces, including 200 crowdfunding platforms, rely on Lemonway’s robust payment processing and management solution. With the growing need for online payments, the company finds it difficult to manage increased transaction volumes across hundreds of merchants and regions across Europe.
“This creates complexity in managing finances and often leads to delays of up to one week for payouts and settlements,” said Lemonway.
So the company tapped blockchain technology to address these operational and complexity challenges and choose RippleNet, Ripple’s blockchain-powered global financial payments network. Through this partnership, Lemonway intends to improve its euro-to-euro payment corridors via Nium, a global money transfer network, that spans across over 100 markets, 65 in real-time, and also utilizes RippleNet for its speed, transparency, and cost-efficiency.
Lemonway noted that while the initial focus would be on euro-to-euro payments, this could be expanded to other currencies and corridors in the future.
Lemonway is a pan-European payment solution for online marketplaces that maintains offices all across Europe. The company offers an agile solution that handles the main international and alternative payment methods including, debit card, Visa, MasterCard, Sepa Credit Transfers, and more. The platform supports EUR, GBP, CHF, USD, CAD, AUD, JPY, as well as 15 other international currencies.
Martin-Pierre Gaultier, Chief Commercial & Marketing Officer at Lemonway, commented:
“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. Our partnership with Ripple is a testament to this, and we’re excited to be able to offer faster and more cost-effective payouts to support the evolving needs of our customers and their platforms.”
Asheesh Birla, GM of RippleNet, about the partnership, stated:
“Our partnership with Lemonway is another significant endorsement of blockchain technology and its power to transform global payments. In today’s competitive payments climate, technology makes the difference in delivering the best customer experience, and we are thrilled to be Lemonway’s trusted provider of instant and cost-effective B2B payment solutions to help them achieve that.”
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