Insight

The integration connects Monex to our Canadian payment provider, Remitr.  This FinTech Trifecta offers considerable value to our clients, by ensuring the quick and secure delivery of CAD payments and by streamlining the collection of CAD and USD payments in Canada through ACH debit, and coupled with a cross-border settlement between Remitr and Monex, thus enabling seamless business payments between Canada and USA. RippleNet, Ripple’s global network of banks and payment providers, supports payments in fiat (aka traditional) currencies like US dollars, Canadian dollars, and Euro and is a secure, fast, and cost-effective alternative to the legacy SWIFT system. Working with Ripple also opens Monex up to the possibility of directing additional currencies, across the network in the future.

RippleNet also allows for the use of the digital asset, XRP, should future client demand arise.  Monex’ Director of Operations, William Vigliotta, noted, “Ripple’s platform is a powerful emerging technology that provides a more flexible, secure and scalable payment network compared to legacy systems like SWIFT.”  He added, “We believe RippleNet could open up additional payment corridors for fiat currency transactions over time to speed up payment delivery in a highly secure and more cost-effective manner.”

Remitr is a FinTech company operating in the US & Canada with an innovative platform for business payments.  Remitr’s expertise and technical innovation is a refreshing change in the Canadian financial market which has not seen the much-required innovation in financial payment systems.  In working alongside Remitr, Monex has broadened its reach and appeal in the Canadian corporate market, to better serve US clients needing to make faster CAD payments.  Remitr Co-Founder and Chief Business Officer, Sandeep Todi, noted, “We are pleased to get Monex live and look forward to supporting their Canadian payment needs, as well as expanding our strategic partnership to enhance our capabilities for US payments.”  Glenn Kerr, Monex CTO, coordinated the technical integration with Ripple and Remitr and said, “Introducing this state-of-the-art technology will definitely raise the bar in terms of efficiency in delivery CAD payments on a same-day basis and to offer hassle-free CAD or USD collection through direct debit locally.”  Kerr added, “I was highly impressed with both Remitr and Ripple’s process to get us up and running quickly.”  Ripple is a blockchain-based technology company that provides solutions to send money globally. Remitr Co-founder and CEO, Kanchan Kumar, added, “We have been proud partners of Ripple, being among the early adopters of the technology. Ripple brings inefficiencies and speed to our fast-growing global payment network, making it possible to deliver business payments in real-time.”

Andrew Woelflein, Monex Chief Strategy Officer, addressing the broader strategic implications noted, “Ripple is a challenger technology to the legacy SWIFT network, long dominated by a consortium of global banks.  It’s good to see more efficient channels emerge that enable Monex to process time-sensitive global corporate payments.”  He went on to add, “Remitr provides excellent payment execution and collection capabilities that enhance Monex’ product offering and brings much-needed innovation to the Canadian market.”