New partnership will help especially clients in emerging markets

The spread cryptocurrency platform for Ripple payment service providers declared new partnership with five institutions of banking and money transfers in four different countries today.

According to the press release, in the future two banks — Itaú Unibanco from Brazil and IndusInd from India — together with the companies of money transfers InstaReM from Singapore, Beetech from Brazil and Zip Remit from Canada will use different platforms of Ripple for facilitation of carrying out the international payments in real time.

While Beetech and Zip Remit plan to use xVia product from Ripple for improving the international payment corridors aimed at certain clients, IndusInd, InstaReM and Itaú Unibanco plan to use xCurrent for the international transactions in real time for financial institutions, Finextra reports.

Besides, both Beetech and Zip Remit plan to begin finally cooperation with the Chinese LianLian which began use of xCurrent recently.

According to the CEO of InstaReM Frei Nanna, this step will also help Ripple as other participants a blockchain startup will have now an opportunity to use the growing network of the company on the processing of payments.

“Now members of RippleNet will be able safely to process a large number of transactions in the countries of Southeast Asia by means of InstaReM” — he told.

The area manager of development of the Ripple company Patrick Griffin added that new partnership will help especially clients in emerging markets, explaining:

“Be it the teacher in the USA sending money home to the family to Brazil or the owner of small business in India trying to transfer money to open one more shop in other country — to us it is necessary to connect financial institutions of the world to the payment service provider working for the clients, but not against them”.

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