Lemonway, the pan-European payment solution for online marketplaces, announced on Tuesday it has joined forces with Ripple, an enterprise blockchain solution for global payments, to enable instant, more transparent, as well as cost-effective, European transactions.
Lemonway reported that through the partnership, it will use the RippleNet blockchain technology to directly address operation and complexity challenges while also delivering a competitive advantage over its peers.
“Blockchain technology, like that available on RippleNet, can provide payment providers supporting marketplaces with a more transparent, reliable and efficient way to process payments. It can perform instant payouts, which allows marketplaces to offer more competitive payment services to merchants.”
Speaking about the collaboration, Martin-Pierre Gaultier, Chief Commercial and Marketing Officer at Lemonway, stated:
“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.”
Asheesh Birla, GM of RippleNet, added:
“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.”
Founded in 2007, Lemonway describes itself as a pan-European payment institution dedicated to marketplaces, crowdfunding platforms, e-commerce websites, and other companies looking for payment processing, wallet management and third-party payment in a KYC/AML – regulated framework.