Distributed ledger startup Ripple has today announced new partnerships with five banking and money transfer institutions across four different countries.
Going forward, the two banks – Itaú Unibanco from Brazil and IndusInd from India – along with money remittance companies InstaReM from Singapore, Beetech from Brazil and Zip Remit from Canada, will be adopting different Ripple platforms to facilitate real-time international payments, according to a press release.
While Beetech and Zip Remit plan to use Ripple's xVia product to facilitate international payment corridors aimed at individual customers, IndusInd, InstaReM and Itaú Unibanco plan to use xCurrent for real-time international transactions to financial institutions, according to Finextra.
In addition, both Beetech and Zip Remit plan to ultimately create a working relationship with China-based LianLian, which recently began using xCurrent.
The move will also help Ripple, said InstaReM CEO Prajit Nanu, as the blockchain startup's other members will now be able to take advantage of the payment company's growing network.
"Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM's secure rails," he said.
Ripple's head of business development, Patrick Griffin, added that the new partnerships will particularly assist customers in emerging 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 a payments system that works for their customers, not against them."
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Itaú Unibanco image via Ripple