Money Transfer Firms Join Ripple’s Payment Network

Ripple has a distributed ledger-based payments network, RippleNet which continues to get an increased number of new clients. Two international money transfer companies, namely Singapore-based InstaReM and Sao Paulo, Brazil-based BeeTech made news yesterday, by partnering to allow customers to benefit from Ripple’s product, which they claim offers speed, transparency and lower costs.

The collaboration is brilliant news for people wishing to make blockchain-based payments between Latin America and a number of countries currently served by InstaReM, including markets in Southeast Asia and Europe, a release states.

Fernando Pavani Founder and CEO of BeeTech, said:

“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.”

The Kuwait Finance House has recently signed RippleNet. They announced on May 26 that it was to utilize the service for cross-border payments, claiming to be the first bank in Kuwait to join the blockchain-powered network.

The last month saw six banks and payment providers opting to utilize Ripple’s various payments tools, including South Korean exchange and remittance service Coinone.