Lemonway, a pan-European payment institution dedicated to marketplaces, crowdfunding platforms, e-commerce websites, and other companies has announced that the company has partnered with Ripple, an enterprise blockchain solutions for payments, to enable instant, more transparent and cost-effective European transactions.
Lemonway through RippleNet, Ripple’s global financial payments network is looking forward to transforming its euro-to-euro payouts which currently make up 80% of its payments volume. The company’s robust payment processing platform is trusted and used by over 1,400 marketplaces in Europe, including 200 crowdfunding platforms. Yet, as it scales, the FinTech finds requirement to increasingly manage large volumes of transactions across multiple merchants and regions across Europe creating complexity in managing finances and often leading to delays of up to one week for payouts and settlements.
By leveraging the RippleNet, Lemonway will use blockchain technology to directly address these operational and complexity challenges, while delivering a competitive advantage over its peers. Blockchain technology available in RippleNet can provide payment providers supporting marketplaces with a more reliable, transparent and efficient way to process payments. It can perform instant payouts, which allows marketplaces to offer more competitive payment services to merchants.
“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,” said Martin-Pierre Gaultier, Chief Commercial & Marketing Officer at Lemonway.
Lemonway is improving its euro-to-euro payment corridors by tapping Nium’s global money transfer network, that spans across over 100 markets, 65 in real-time, and RippleNet for its transparency, speed and cost-efficiency. While the initial focus is on euro-to-euro payments, the company has plans to expand to other currencies and corridors in the future.
“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,” said Asheesh Birla, GM of RippleNet.
Founded in 2007, Lemonway offers a regulated payment solution dedicated to marketplaces, crowdfunding platforms requiring payment services on behalf of third parties within a secure and regulated framework. It is a payment institution, authorised by the ACPR/Banque de France and has a financial passport in 29 countries.