In a bid to revolutionize its money transfer business, Cebuana Lhuillier, the country’s leading microfinancial services provider, has partnered with RippleNet to use its enterprise software solution, xCurrent, which enables banks to instantly settle cross-border payments with end-to-end tracking.
With the partnership, Cebuana Lhuillier becomes the first microfinancial services provider in the Philippines to use a blockchain network solution to quickly and conveniently transfer money from OFWs anywhere in the world to their families in the Philippines. The technology will use Cebuana Lhuillier’s 24K card and its remit-to-and-from-savings account card feature.
“Using xCurrent will improve efficiency on how we provide service to our clients. This will also highlight Cebuana Lhuillier’s commitment to further innovate and evolve—true to our reputation as best-in-class in our industry,” noted Jean Henri Lhuillier, Cebuana Lhuillier president and CEO.
Ripple SVP for product Asheesh Birla and Cebuana Lhuillier president and CEO Jean Henri Lhuillier are flanked by (from left) Cebuana Lhuillier AVP for digital sales James Robert Afzelius, senior executive vice president Philippe Andre Lhuillier, Cebuana Lhuillier Services Corp. general manager and AVP Erlinda Sumanga, and Cebuana Lhuillier senior assistant vice president Rafael Ladao.