The pawn-broker will be using Ripple’s xCurrent software.
Philippines-based pawn-broker and remittance firm Cebuana Lhuillier will be making use of RippleNet products to aid its presence in the remittances industry.
As reported by Today’s Gazette, Cebuana Lhuillier is the Philippines’ leading provider of microfinancial services, holding 2,500 branches throughout the Philippines and over 200 partners worldwide.
The company will utilize xCurrent: a new enterprise software solution (developed by Ripple) that aims to provide an easy and efficient means for processing cross-border settlement and end-to-end communication and tracking.
“Using xCurrent will improve efficiency on how we provide service to our clients.” Jean Henri Lhuillier, CEO and President of Cebuana Lhuillier said in a statement. “This will also highlight Cebuana Lhuillier’s commitment to further innovate and evolve—true to our reputation as best-in-class in our industry.”
The RippleNet blockchain will access Cebuana Lhuillier’s 24K card, which will enable it to use the remit-to-and-from-savings account card function, according to Manila Standard.
The partnership makes Cebuana Lhuillier the first microfinancial services provider in the Philippines to employ a blockchain network to transfer money from OFWs worldwide to family members in the Philippines.
This isn’t the only partnership recently secured by Ripple. On Thursday, Western Union Global Money Transfer announced that it would be working with Ripple Labs to explore the use of blockchain as a speedier, economic solution to making payments.
Before that, Coinbase opened up the possibility that Ripple cryptocurrency could find its way onto the major crypto exchange’s platform, announcing that it was currently exploring “a broad range of assets,” including the anticipated XRP.