Ripple has stayed true to expansion mode and added new clients to its distributed ledger-based payments network, RippleNet. Two international money transfer firms Singapore-based InstaReM and Sao Paulo, Brazil-based BeeTech have collaborated to enable customers to profit from Ripple’s product, which provides speed, transparency and lower costs.
The venture will promote blockchain-based payments between Latin America and many countries currently served by InstaReM, including markets in Southeast Asia and Europe. Fernando Pavani Founder and CEO of BeeTech, commented: “This partnership on RippleNet provides our customers a one-stop shop experience, including the ability to send payments and access new suppliers across more than 60 markets through xVia – a simple API connection.”
Singapore-headquartered InstaReM provides payment services across 60 nations, including markets in Southeast Asia and Europe. The collaboration with Beetech will allow InstaReM customers to send real-time payments into South America. BeeTech customers will avail from instant payout services into the 60 markets across the world that InstaReM supports.
Kuwait Finance House announced on May 26 that it has decided to leverage the service for cross-border payments. Kuwait Finance House will be the first bank in Kuwait to join the blockchain-powered network. The bank, however, says the consent from Central Bank of Kuwait is required before releasing the service based on Ripple. KFH assures that customers would derive benefit from more efficient and faster payment mode. This service will be supplemented by transparency and security of the transaction. Furthermore, it would be conducted at lower costs than the traditional cross-border payment.
RAK Bank based in UAE also accepted the membership of Ripple Net in September 2017. This bank is specialized for “instant, frictionless and secure money transfer services.” The service would be provided to the account holders of Axis Bank operating in India. Axis Bank also happens to be a member of Ripple Net.