BeeTech, an FX provider with services across Latin America, along with InstaReM, a Fintech company based in Singapore have both partnered up using Ripple. The primary goal of this relationship is opening up a new payments connection between Latin America and South East Asia.
By using Ripple’s solutions, xCurrent, and xVia products, in particular, both banks plan to offer users’ real-time payment flows across borders. Plus, the xCurrent alternative can also provide end-to-end tracking solutions for transactions, allowing banks the ability to message each other in real time. Of course, all basis are covered it appears, as a rulebook exists regarding legal clarity and consistency –developed by Ripple and the RippleNet Advisory Board.
Concerning the xVia product, it allows for a standard interface for different payments across a variety of networks. All in all, it will enable users to send payments across the globe in an efficient manner, while maintaining the transparency we love in the decentralized system.
For instance, the partnership created will allow InstaReM customers to send real-time payments into areas of South America, while BeeTech users will be able to access instant payment services in over 60 markets managed by Ripple’s xVia.
Commenting on the bullish news, the CEO of InstaReM, Prajit Nanu said the following:
“The connectivity that Ripple’s innovative blockchain network provides will allow us to offer our customers – including corporates and small businesses – quick, hassle-free payments into BeeTech’s markets.”