Lemonway, the pan-European payment solution for online marketplaces, has announced a partnership with Ripple, the enterprise blockchain solution for global payments, to enable instant, more transparent and cost-effective European transactions. Through RippleNet, Ripple’s global financial payments network, Lemonway will transform its euro-to-euro payouts which currently make up 80% of its payments volume.
“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.”
Today, Lemonway’s robust payment processing platform is trusted and used by over 1,400 marketplaces in Europe including 200 crowdfunding platforms. Yet, as it scales, the company finds it needs to increasingly manage large volumes of transactions across multiple merchants and regions across Europe. This creates complexity in managing finances and often leads to delays of up to one week for payouts and settlements.
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By turning to RippleNet, Lemonway can use blockchain technology to directly address these operational and complexity challenges, all the while 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.
Today’s partnership will see Lemonway improve its euro-to-euro payment corridors thanks to Nium’s global money transfer network, that spans across over 100 markets, 65 in real-time, and utilizes RippleNet for its speed, transparency and cost-efficiency. While the initial focus is on euro-to-euro payments, this could be expanded to other currencies and corridors in the future.
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