Money Transfer Companies Join the Payment Network of Ripple

A lot of new clients are still joining the distributed ledger-based payments network of Ripple – RippleNet. Ripple has secured a lot of partnerships in the last couple of month, and just yesterday, two other money transfer firms partnered with Ripple to join their network.

The Announcement of the Partnership

Announced on the 30th of May, two international money transfer firms – InstaReM (a money transfer company based in Singapore) and Sao Paulo (a BeeTech based in Brazil) – have partnered with Ripple to enable customer to benefit from the product of Ripple, which they say offers lower costs of transaction, transparency, and high transaction speeds.

This partnership will facilitate payments (which are based on blockchain) between Latin America and a group of other countries which are presently being served by InstaReM, including markets in Europe and Southeast Asia – stated in a release.

Pavani’s Comment

The CEO and founder of BeeTech – Fernando Pavani said: “this collaboration with RippleNet provides their clients with a one-stop shop experience, it also provides them with the ability to send money and access new suppliers across over sixty markets via xVia – a simple API connection.”

Other Partnerships

Also, amongst the recent partnerships with RippleNet is the Kuwait Finance House. The Kuwait Finance House recently signed up for RippleNet. Kuwait Finance House announced on the 26th of May that it was to use the service for cross-border payments, and it claims to be the first financial institution in Kuwait to partner with Ripple and join the network powered by blockchain.

In the month of April alone, at least six payment providers and banks have opted to use the numerous payment tools of Ripple, they all want to take advantage of the technology and improve the quality of their services. Coinone – a remittance service and exchange in South Korea – is among the six new firms that joined the network.

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