AMNIS Treasury Services AG, a company that processes foreign exchange and international payments for small and medium-sized companies through a fully automated platform, has joined RippleNet according to XRParcade.
We are proud to announce, that @Amnis_Treasury will be the first payment service provider in #Switzerland to offer #blockchain-based #payments to #SME through #RippleNet. Exciting times ahead!https://t.co/Bx5d9gseOZ#fintech #startup #innovation pic.twitter.com/1HXh1Tkkyw
— AMNIS (@Amnis_Treasury) February 26, 2020
Ripple vs SWIFT
The announcement reads:
“Banks have relied on SWIFT messaging for cross-border payments for decades. The process is expensive, cumbersome and slow.
This is because the SWIFT system requires a number of intermediaries between the local bank and the receiving bank. Each agent charges its transfer fee.
This is the reason why it often takes 2-3 days to transfer money and why the amount credited is less than expected.
Nevertheless, SWIFT has identified this problem and now offers new features with SWIFT Global Payments Innovation (GPI). Payment tracking and speed have been significantly improved. However, the costs have not changed.
In recent years, Ripple has established itself as a serious opponent of the existing system.
Ripple turns the SWIFT payment system upside down.
Removing intermediaries (in the form of local correspondent banks) makes international money transfers much cheaper and more efficient.
Ripple sees itself as a payment network and now supports almost all currencies.
The company purposefully works with banks and ultimately seeks to establish the Ripple protocol.
Ripple is based on a common database or decentralized accounting.
The entries and transfers of value contained therein are publicly available.
In addition to the payment network, Ripple has its own cryptocurrency Ripple XRP.
It can be used as a trading tool for money transfers within a few seconds, 365 days a year without risks associated with counterparties.
Currently, payments can be made to Mexico, Thailand and the Philippines.
Base currencies are EUR, USD and JPY.
Several other currencies, including the Brazilian real, will be launched during the year. ”
Potential SMEs in international payments
Companies and SMEs (small enterprises) can benefit from various levels:
- Speed: International payments are processed within seconds, 365 days a year. This links less liquid assets and allows you to process transactions faster.
- Transparency: Thanks to the protocol, all costs are known when a payment is initiated. At the same time, it significantly reduces costs to eliminate inaccuracies.
- Costs: On the Ripple network, payment transaction fees are 40-60% lower than regular payments.
In conclusion, AMNIS is expected to be the first payment service provider in Switzerland to provide SMEs with access to the Ripple network in the second quarter of 2020. In other words, AMNIS complements existing payment options at the local level. AMNIS also offers foreign exchange transactions and various instruments for hedging currency risks.
AMNIS has been added to our Ripple ecosystem.