InstaReM, a Singapore-based Fintech company, and BeeTech, an FX provider providing services in Latin America, have partnered up using Ripple. They aim to open a new payments corridor between South East Asia and Latin America.
Using Ripple’s xCurrent and xVia products, the banks aim to provide real-time payment flows across borders.
The xCurrent product also provides end-to-end tracking solutions for transactions, while providing banks with the ability to message each other in real time. The product also includes a rulebook developed by Ripple and the RippleNet Advisory Board to ensure legal clarity and consistency.
The xVia product allows for a standard interface for payments across various networks. It enables users to send payments globally with transparency. It also has the facility of attacking rich information and payment status.
The partnership will allow for InstaReM customers to send real-time payments into South America. It also allows for BeeTech users to access instant payment services in the 60 markets managed by InstaReM using xVia.
Prajit Nanu, CEO of InstaReM, said:
“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.”
User Jimmyttay on Reddit was surprised at the companies using xCurrent, saying:
“I still don’t get it why Ripple doesn’t put in their contract with all these banks and FIs that are currently using Xcurrent, that they MUST convert to Xrapid say after 6 months of using Xcurrent? Why give them a choice at all?”
User Vengefulseven replied:
“Because that’s not good business. Letting them come to their own conclusion is better.”