New corridors will connect financial institutions around the world
Ripple, provider of the leading enterprise blockchain solutions for payments, announced today that its network (RippleNet) is now live in over 40 countries across six continents.
The milestone was hit earlier today as new payment corridors opened up in North America, Asia, Africa, Europe and South America.
These new open corridors create more connection points for RippleNet members around the world. This provides their customers with more flexibility when sending money to countries where payments are challenging. Today’s new corridors are in countries where there are large remittance and small business payment needs:
- United Kingdom to Malaysia, Vietnam, Indonesia, Sri Lanka, Bangladesh (via RationalFX, Xendpay & InstaReM)
- Canada to Nigeria (via Remitr & FlutterWave)
- Brazil to Spain, Italy, Germany, France and Portugal (via Beetech & Insta ReM).
“By opening up new corridors across North America, Europe, Africa and Asia, we’re expanding the global footprint of individuals who can benefit from faster and cheaper cross-border payments,” said Marcus Treacher, SVP of Customer Success at Ripple. “Whether it’s global banks or technology-forward payments providers like RationalFX, Remitr and Beetech, financial institutions are focused on building connections between themselves so that they can better leverage Ripple’s blockchain technology to help people and businesses in need.”
Chris Humphrey, CEO of RationalFX, said, “This is an exciting new partnership for RationalFX, and continues our strategy to offer a unique service and reach for both our business and private clients.”
Paresh Davdra, Co-Founder and CEO of Xendpay said, “Working with leading blockchain technologies allows us to maintain our promise of driving down the cost of cross-border payments, combined with access to faster more secure money transfers to even more corridors across the globe.”
RippleNet allows financial institutions to use either fiat currency or XRP for payments.
InstaReM is a Singapore-headquartered cross-border payments company. Founded in 2014, InstaReM is licensed as a Money Services Business in Singapore, Hong Kong, Australia, Malaysia, India, Europe and USA. InstaReM has created a unique payment mesh in Asia, which is being leveraged by financial institutions, SMEs and individuals to make fast low-cost cross-border payments to more than 55+ countries. Since starting operations in 2015, InstaReM has raised US$ 18 million in two rounds of funding. Its investors include Global Founders Capital, Vertex Ventures (VC arm of Temasek Holdings), Fullerton Financial Holdings, GSR Ventures and SBI-FMO Emerging Asia Financial Sector Fund.
For more details please visit www.instarem.com