More than 3.5 million Indian immigrants live in UAE and need a comprehensive solution for cross-border payment. LuLu has decided to use blockchain-based services to provide this solution.
The new solution will be introduced during a partnership with the leading Indian financial solution Federal Bank.
Secure Cross-Border Payment for Everyone
Blockchain technology has shown its capabilities in payment and the financial sector as a whole. The decentralized nature of the technology makes it a viable solution for cross-border payments. Traditional financial institutions can use it as a backbone to provide more innovative solutions.
LuLu Exchange is the latest financial service provider that wants to use a blockchain-based service to provide a payment solution. It partners with Federal Bank in India to leverage RippleNet Cloud as an essential service.
LuLu Exchange will integrate RippleNet Cloud services in its cross-border payment solutions. As a result, cross-border transactions between India and UAE will be more comfortable and faster through the LuLu Money payment app. LuLu Exchange has worked with Ripple before on various projects, and the recent service is among one of the most practical ones. Adeeb Ahamed, LuLu Financial Group Managing Director, said:
“Our long-standing association with Ripple has opened up plenty of avenues for us to solidify our presence in existing and new corridors, and the latest partnership is a step forward in providing our customers the best possible experience for their payment needs to India.”
As mentioned before, many financial solutions worldwide use RippleNet Cloud to provide payment solutions. The latest partnership with Ripple helps LuLui Exchange to connect to other financial institutions that use RippleNet.
Ripple recently announced the SOC 2 certification for RippleNet. It’s a reliable certification for financial solutions and surely will help Ripple find more customers and partners.
Federal Bank, one of the leading private sector financial institutions in India, has a vital role in implementing the new solution from LuLu Exchange. It connects the system to India’s banking network and helps Indian citizens send or receive money to UAE. Nilufer Mullanfiroze, Senior Vice President & Country Head – Deposits, Cards & Unsecured Lending at Federal Bank, said:
“Disruptive technology innovation is the mantra at Federal Bank & the bank continuously invests in technology, which benefits all our partnerships, including the remittance industry partners. We believe such innovations will benefit the larger Indian diaspora who can enjoy a modern, low cost, fast, easy, and more reliable way of transferring money to India.”
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