Ripple Brings Financial Institutions Together
The distributed ledger startup that is goes by the name Ripple just let it be known that it has new partnerships with 5 banking and money transfer institutions across 4 different countries.
The company was founded by Jeb McCaleb and Chris Larsen.
Itaú Unibanco, Latin America’s largest bank by market cap located in Brazil on the South American continent and IndusInd from the populous nation of India; and Singapore’s InstaReM, Brazil’s Beetech and Canada’s Zip Remit are going to have individual Ripple platforms to help in completing international payments.
While Canadian Zip Remit and Brazilian Beetech are going to utilize Ripple’s xVia product to make easy the international payment avenues aimed at individual customers while IndusInd, Itaú Unibanco and InstaReM plan will use xCurrent for in-the-moment international transactions to financial institutions; this according to information from Finextra.
xCurrent is a blockchain network and according to Ripple, it is their “enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking. Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles. It includes a Rulebook developed in partnership with the RippleNet Advisory Board that ensures operational consistency and legal clarity for every transaction”.
xVia is for corporate 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 transparent payments globally accompanied with rich information, like invoice attachments.
Both Beetech and Zip Remit plan to eventually make a working relationship with China-based LianLian. LianLian also just began using xCurrent.
This is going to be very good for Ripple in the long run according to InstaReM’s CEO Prajit Nanu.
“Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails,” he said.
Mr. Patrick Griffin, the head of Ripple’s business development interjected that the new partnerships will more specifically assist customers in upcoming markets, explaining:
“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 payments system that works for their customers, not against them.”