Chinese payment processor LianLian is set to participate in Ripple’s blockchain powered cross-border payments solution RippleNet it was announced today. The partnership will provide a gateway to the region to other members of Ripple’s blockchain payment network.
LianLian is licensed in Hong Kong with 150 million registered users. LianLian processes billions in payments between merchants and consumers including major online retail sites, such as Amazon, Ali Express, and eBay.
Under the terms of the agreement, LianLian will use Ripple’s xCurrent settlement platform to support the influx of global payments sent to the Chinese e-commerce market from other RippleNet banks across Asia., the U.S., and Europe.
Processing Payments with xCurrent:
- xCurrent is Ripple’s recently renamed existing enterprise software solution that banks and other financial institutions currently use to instantly send and receive cross-border payments with end-to-end tracking and bi-directional messaging across RippleNet. Recently, the network added a Rulebook, developed in partnership with the RippleNet Advisory Board to standardize all transactions across the network.
- The Interledger Protocol (ILP) is the backbone of the Ripple solution and makes it possible for instant payments to be sent to a variety of different networks. Ripple believes that this is the only way to scale the global network for future demand.
“Cross-border payments related to China’s e-commerce market reached $1.07 trillion in 2017. There is a huge opportunity to make these payments quick and more cost-efficient,” said Emi Yoshikawa directory of joint venture partnerships at Ripple.
“With RippleNet, LianLian International will now be able to give merchants and consumers quick, more cost-efficient payments into China, which they weren’t able to before. We look forward to connecting other RippleNet members to LianLian.”