Money Transfer Firms Join Ripple's Payment Network

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.

Coins image via Shutterstock