Ripple has added more partners – Brazilian Bank Itaú Unibanco and remittance provider BeeTech, Indian bank IndusInd, and Canadian company Zip Remit.
The list of partners has now crossed the 100 mark with the addition of these new partners. The new companies and institutions have joined RippleNet in order to facilitate faster and cheaper global funds transfers. xCurrent and RippleNet financial transfer platforms and networks hold a huge promise for emerging markets like Brazil, India and China where more than 85 per cent of the global population resides.
Ripple believes that blockchain solutions are the way forward to improving the lives of users in emerging markets. Payments are a global problem, but while developed countries have managed to progress a lot in this matter, emerging markets that are responsible for more than 90 per cent of the global payments are still suffering from multiple issues.
There is a need to connect the world’s financial institutions into a payments system that works for their customers, not against them, Ripple says.
Southeast Asia’s leading digital cross-border money transfer service provider InstaReM is also joining RippleNet to facilitate faster payments to other members of the rapidly growing network. It currently consists of over a hundred banks and other financial institutions providing real-time messaging, clearing and settlement of financial transactions. InstaReM’s partnership will allow their corporate and SME customers quick and hassle-free payouts to a number of destinations in the region.
Prajit Nanu, co-founder and CEO, stated; “We are pleased with this new partnership with Ripple which will see RippleNet members utilizing InstaReM’s unique payments mesh we have developed in Southeast Asia to further streamline payment processes.”
The company processes over 500,000 transactions per year, and is concentrated on connecting businesses and individuals from Australia, Canada, Hong Kong, Singapore, and India to over 60 countries worldwide.
RippleNet is not a part of the company’s cryptocurreny XRP which drives a separate system called xRapid. It was reported last week that Western Union were trialing transfers using xRapid and XRP.