Ripple extends its global reach with five new customers in four countries
Brazil, India, Canada and Singapore have joined forces with the blockchain company.
Ripple is continuing to extend its global reach after new financial institutions joined the network.
The blockchain company, which recently surpassed more than 100 members, has joined ranks with banks in Brazil and India, as well as money transfer service providers in Brazil, Singapore and Canada.
Brazilian Bank Itaú Unibanco and Induslnd Bank in India and remittance providers – Singapore’s InstaReM, Brazil’s Beetech and Zip Remit in Canada – have joined RippleNet in order to facilitate faster and cheaper global funds transfers.
Both Beetech and Zip Remit will look to establish a connection for their customers into China, now possible because of the recent addition of LianLian International to RippleNet earlier this month.
InstaRem, which processes over 500,000 transactions per year from Australia, Canada, Hong Kong, Singapore and India, will use RippleNet to connect their customers to over 60 countries worldwide, many of which are developing countries in Southeast Asia.
According to the World Bank, global remittance payments are on track to grow by 3.4% or roughly $466 billion in 2018, with India and China having the highest incoming flows in 2017.
For financial institutions seeking to provide a better payments service into and out of emerging markets, using Ripple’s leading blockchain solution for cross-border payments will make it easier and less expensive, bringing the world closer to an Internet of Value, where money can move as fast as information.
Last week, the central bank for the Kingdom of Saudi Arabia joined forces with Ripple to allow domestic banks to utilize the platform’s enterprise software solution to settle cross-border payments.
The Saudi Arabian Monetary Authority (SAMA) will pilot a program – the first of its kind by a central bank – with participating financial institutions using Ripple’s xCurrent product to process end-to-end payments.