The company Ripple announced the addition of five new partners to its blockchain platform. Now RippleNet will be used by the largest Brazilian bank Itaú Unibanco (Brazil) and IndusInd (India), as well as money transfer providers - InstaReM (Singapore), Beetech (Brazil) and Zip Remit (Canada).
Recall that this blockchain solution from the company Ripple is already quite popular among financial organizations around the world - currently, RippleNet uses more than 100 participants in the financial market. All users of the RippleNet network can exchange information about the transfer with each other and immediately record it.
We are pleased to partner with Ripple. Now, RippleNet members will be able to process a large number of payments in the countries of Southeast Asia through the safety rails of InstaReM, "said Prascit Nanu, co-founder and CEO of InstaRem.
And the head of business development at Ripple, Patrick Griffin, believes that his company's financial instrument can significantly simplify financial transactions for customers of banks and translation operators in emerging markets.
The problem of payments is a global problem, but its negative impact has a disproportionate impact on emerging markets. Whether it's a teacher in the US sending money home to his family in Brazil, or a small business owner in India trying to transfer money to open a second store in another country, it is necessary that we connect the world's financial institutions to a payment system that works for its customers, and not against them, "he said.
According to Finextra, three new partners Ripple (IndusInd, InstaReM, and Itaú Unibanco) will use the xCurrent product for international transactions in real time, and the other two plan to use the xVia tool, which facilitates cross-border transfers to private customers.
Information Source: Forbes