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Ripple: British payment service provider Guavapay joins RippleNet

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  • British payment service provider Guavapay has joined RippleNet.
  • In cooperation with Siam Commercial Bank, Guavapay has established a payment service for bank accounts in Thai Baht.

Guavapay Limited, an electronic money institution based in the United Kingdom (UK) and regulated by the Financial Conduct Authority (FCA), has announced that it has joined RippleNet. As a result, Ripple‘s payment network of over 300 financial institutions has grown to include a payment service provider specializing in cross-border cash and digital payments to provide services for international money transfers.

Thus, Guavapay offers its customers the ability to make payments in more than 30 local currencies, including GBP, EUR and USD to more than 100 countries. A self-onboarding process, online tracking through a web-based customer portal and money transfers are some services offered, along with foreign exchange trading and “competitive, customized rates and fees”.

In the official press release on the Guavapay website, the company announced its entry into the RippleNet as follows:

We are proud to announce that Guavapay is officially a member of RippleNet, Ripple’s global payments network, to expand our international coverage. Leveraging RippleNet enables our customers to send and receive money instantly, reliably and cost-effectively.

Vugar Mammadrzayev, Guavapay’s Head of Global Partnerships, also provided further details about the recently launched partnership with Ripple. As Mammadrzayev stressed, one of the main reasons for joining the RippleNet was the network of partners.

Thanks to RippleNet, Guavapay has already set up a payment service for bank accounts in Thai Baht, which is linked to Siam Commercial Bank, a long-standing partner of Ripple. In this sense, Mammadrzayev explained:

We are very excited to be a member of RippleNet, Ripple’s global payment network that enables faster and lower cost payments. We hope this partnership will provide us with more opportunities to expand our network, as well as bring speed and transparency to a traditionally slow and opaque industry. Our primary goal is to touch the domestic payment systems in each country, allowing receivers to accept money in their bank account.

According to Mammadrzayev, the partnership with Siam Commercial Bank may not be the last that the British payment service provider will realize via RippleNet. The Guavapay senior executive commented:

This partnership will provide Guavapay customers with speed and convenience – offering an instant and affordable solution to complete bank account payments in THB. After launching our first successful connection over RippleNet with SCB, our next project has already started as we look to add more partners, ultimately providing our customers with first in class service, competitive FX rates and cost-effective solutions to move money around the world.