Sujha Sundararajan for Coindesk
Ripple is continuing to add new clients to its distributed ledger-based payments network, RippleNet.
Announced yesterday, two international money transfer companies – Singapore-based InstaReM and Sao Paulo, Brazil-based BeeTech – have partnered to allow customers to benefit from Ripple’s product, which they say offers speed, transparency and lower costs.
The collaboration will facilitate 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, commented:
“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.”
Also newly signed up for RippleNet is the Kuwait Finance House, which 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.
In the last month alone, at least six banks and payments providers have opted to utilize Ripple’s various payments tools, including South Korean exchange and remittance service Coinone.