Ripple has concluded a number of new agreements with banks and payment systems

The company Ripple announced new partnerships with five institutions of the banking sector. Also, a new money transfer system will be added in four different countries.

In the future, two banks – Itaú Unibanco in Brazil and IndusInd in India – along with companies specializing in the provision of money transfer services, including InstaReM in Singapore, Beetech in Brazil and Zip Remit in Canada, will work together with Ripple to facilitate international payments in real time.

While Beetech and Zip Remit plan to use the xVia product from Ripple to facilitate international payment corridors aimed at individual customers, IndusInd, InstaReM and Itaú Unibanco plan to use xCurrent for international transactions in real time.

In addition, both Beetech and Zip Remit plan to ultimately create a working relationship with the Chinese LianLian, which recently started using xCurrent.

"This step will help Ripple develop, and others will be able to use the new growing payment system", – said General Director of InstaReM Pradzhit Nanu.

"Now RippleNet members will be able to process a large number of payments in the countries of Southeast Asia through secure networks InstaReM", – he added.

Senior Vice President of Ripple, Patrick Griffin, added that new partnerships will especially help clients in emerging markets. He declared:

"Whether you are a teacher in the US sending money home to your family in Brazil or a small business owner in India trying to transfer money to open a second store in another country is not important. All of us need to connect the world's financial institutions to a payment system that works for their clients, not against them ".

This is a positive cooperation both for the company and for the market as a whole. Customers of banks will be able to use a new, improved system of cash payments. In addition, for the countries of South-East Asia, such a move would mean an increase in payments and an improvement in the overall system.

Author: Olga Novikova, Analyst Freedman Club Crypto News
Image from Fotolia

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