Singapore-based Fintech company InstaReM and FX provider offering services in Latin America, BeeTech recently announced about having a partnership using Ripple products. The main aim of the partnership is to open a new payments corridor between South East Asia and Latin America. According to the official information, the banks are planning to use Ripple’s xCurrent and xVia products in order to provide real-time payment flow across borders of the target territories.
xCurrent product provides end-to-end tracking solutions for transactions which will provide banks with the ability to message each other in real time. The product also includes a rulebook which is developed by Ripple as well as the RippleNet Advisory Board to ensure legal clarity and consistency. Meanwhile due to the standard interface for payments across various networks of the xVia product, the users will have the opportunity to send payments globally with transparency. It also has the facility of attacking rich information and payment status.
As a result of the partnership, InstaReM customers will have the opportunity to send real-time payments into South America. The new solution will also allow BeeTech users to access instant payment services using xVia, in those 60 markets that are managed by InstaReM.
CEO of InstaReM, Prajit Nanu commented on the partnership saying, “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.”
The recent partnership was announced right after UK-based money transmitter Currencies Direct informed about successfully completing a trial of international payments over Ripple’s xRapid platform using XRP. The company hence joined a small number of payment processors which have leveraged Ripple’s digital asset as an intermediate unit of account for fiat-to-fiat exchanges.