Ripple (XRP) Adds Two More Money Transfer Firms to Payment Network

Ripple has roped in two more payment providers in Asia and South America as members of its enterprise blockchain payments network RippleNet.

International remittance firms Singapore-based InstaReM and Sao Paulo, Brazil-based BeeTech have collaborated to tap Ripple’s blockchain product in a first of its kind partnership between non-bank RippleNet members. Using the platform will benefit their clients with faster, low-cost money transfers, the two companies said.

The service kicked off this week, connecting the two payment providers in a number of markets including Southeast Asia, South America and Europe. For instance, BeeTech customers will be able to make real-time transfers to 60 global markets supported by InstaReM including the UK, EU and the US.

Specifically, the firms will tap into xVia, a standard interface API solution that enables financial institutions and remittance operators to send payments without the need for any software installation by plugging into the RippleNet network, which now sees over 100 members among its ranks.