By
Darya Rudz
July 14th, 2023
Ripple has collaborated with two banks and three fast-growing remittance providers who are willing to adopt the blockchain technology for instant payments at reduced costs.
Ripple continues to spread its dominance in the global-blockchain- market as the company has recently announced a fresh new collaboration with two new banks and four payment providers to the huge list of companies and institutions who have joined the Ripple’s Blockchain Network. This time, there have been five customers on Ripple’s radar with three from the dominant emerging markets like India, China and Brazil and the remaining two being Canada and Singapore.
The list of Institutions joining the RippleNet include:
- Itaú Unibanco, Brazil’s largest private sector bank and Latin America’s biggest bank by market capitalization
- IndusInd, a private sector bank from India
- Zip Remit, a money transfer service based in Canada and with roots in East Africa;
- Beetech, the only online exchange and remittance platform provider which has received approval from the Brazilian central bank
- InstaRem – a remittance provider of Singapore, which boasts 20,000 customers collected over only 18 months
- LianLian International of China, a payment service which has also partnered with PayPal and Apple
Itaú Unibanco, IndusInd, InstaRem will be using the Ripple’s xCurrent blockchain technology that facilitates same-day, cross-border transactions to its customers, over the blockchain. While the other two fast-growing remittance providers, Beetech of Brazil and ZipRemit from Canada will be using Ripple’s xVia technology solution with open payment gateways for its customers from around the world.
Ripple says that the xVia solution “is for corporates, payment providers and banks who want to send payments across various networks using a standard interface. xVia’s simple API requires no software installation and enables users to seamlessly send payments globally with transparency into the payment status and with rich information, like invoices, attached.”
As on date, InstaRem processes over 500,0000 transactions per year from different countries like Singapore, Canada, Australia, HongKong and India and now will be using the RippleNet to connect customers from 60 countries worldwide. Prajit Nanu, co-founder and CEO of InstaReM said: “We are pleased to partner with Ripple. Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails.”
Financial institutions from across the globe are increasingly seen adopting the blockchain technology which provides faster fund transfers at reduced costs, which remains one of the key criteria to develop and adopt the payments infrastructure in emerging markets wherein the flexibility is limited.
Patrick Griffin, head of business development at Ripple, believes that blockchain can really transform the existing payments infrastructure and can be a lot beneficial over the long run. Patrick said: “The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil, or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.”
Ripple is currently working and investing hugely in further improving its core infrastructure and has recently released two new academic papers on the XRP Ledger Consensus Protocol. Details of the same are available here.
