Visa, an American financial services company based in Foster City, California, USA, has taken over the Ripple-partners Earthport for of 250.6 million dollars, CCN reported. Earthport is a UK-based company that handles international transactions for banks and enterprises. Since 2015, the company is a Partner in the block-chain based Payment network, Ripple.
Visa and Earthport
In January 2016, earth port had started, the world’s leading Shared Ledger Hub (DLH). Through the application of DLH Earthport clients to the Distributed Ledger technology in a clear and cost-effective separate API – a first for the commercial business. Earthport has customers such as Ripple, of the Bank of America, Hyper wallet, Transferwise, Payoneer, and the Japan Post Bank.
Visa International Service Association, a division of Visa Inc., proposes to 30 Pence per share of Earthport. This is four times as much as the closing share price on Monday of 7.45 pence.
Visa want to buy earth port, because it wants to expand its market share from 10% to Cross-Border Payments. Earthport also said that the offer of Visa is legitimate and feasible, and that its shareholders would highly recommend the purchase of a proposal to accept. It was also explained that Earthport provides a cost-effective Option for Standard payments, providing banks and money-transfer company a unique connection instead of multiple Connections to many payment service providers around the world.
According to the British law, Earthport has the Status of an authorized payment institution (API). Earthport is supported by strong companies, such as Oppenheimer Funds, Wellington Management, Schroder Investment Management and International Finance Corporation.
The Service of Earthport enables its users to get first-Hand access to the banks in the Region, in which the payment is to be transferred. Thus, a removal of the complexity, hidden costs and ambiguities that arise in today’s conventional cross-border payments.
Recently, Western Union is an American financial services company, has formed a partnership with Ripple Labs for testing Blockchain payments and expressed to reflect on the implementation of crypto-currencies.
According to the Chairman of the Board of Western Union Odilon Almeida, the company is due to its far-reaching understanding of the global money transfers will be able to benefit in the long term, of the progress of the crypto industry more than any other company
Almeida added that Western Union would now be able to your customers crypto-currencies as means of payment to offer, as they have been doing this for more than 20 years with the digital currency transfer. He also stated that the crypto currencies have so far disappointed, and no Mainstream recognition, as the basic things such as Governance, Compliance, and volatility of most of the crypto-projects are not observed.
There are many interesting applications for the financial services sector, therefore, Western Union has invested a lot of money in the discovery of those which are suitable for your platform perfectly. Lately, Western Union has undertaken in collaboration with Ripple Labs, whether the Transfer of payments on the Blockchain is faster and more cost-effective than the previously used methods of Western Union. The Tests are not yet complete.
Also interesting: Ripple has a partnership with Madonna
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