The open crypto payment network Ripple, has announced that five banking and money transfer institutions from across four different countries will join the platform to facilitate payments.
The two banks – Itaú Unibanco from Brazil and IndusInd from India – and money remittance companies InstaReM from Singapore, Beetech from Brazil and Zip Remit from Canada, will be implementing different Ripple technologies to facilitate real-time international payments, according to a press release.
While Beetech and Zip Remit plan to employ Ripple’s xVia product to facilitate international payment corridors that tharget individual customers, IndusInd, InstaReM and Itaú Unibanco plan to use xCurrent for real-time international transactions to financial institutions, according to Finextra.
The move will also help Ripple, said InstaReM CEO Prajit Nanu, as the blockchain platform’s other members will now be able to benefit from the payment company’s expanding network, which has recently surpassed its 100-member mark.
“Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails,” he said.
“When financial institutions adopt blockchain technology for payments, it lowers both costs and transfer times for their customers, which is crucial in developing countries where financial flexibility is limited.”
“By joining RippleNet, financial institutions are able to communicate information about a payment between each other and settle payments immediately.”
Patrick Griffin, Ripple‘s head of business development, added that the new partnerships will aid in particular customers in emerging markets.
“ The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them,” said Griffin.
The startup company processes over 500,000 transactions per year, and is focused on connecting businesses and individuals from Australia, Canada, Hong Kong, Singapore, and India to over 60 countries worldwide.