InstaReM, a Singapore-headquartered Fintech company offering digital cross-border money transfers to individuals and businesses, has officially partnered with BeeTech, a São Paulo-based payment service provider for South America. The partnership will utilize Ripple’s blockchain network and represents one of the first times non-bank RippleNet members in Asia and in South America will afford their customers the ability to utilize Ripple-powered payments across multiple markets.
Connecting Asia-Pacific and South America
InstaReM currently offers payment services to more than 55 countries, including many in Southeast Asia and Europe. By partnering with BeeTech, InstaReM now allows its customers to send real-time payments into South America, while BeeTech customers gain instant payout services into InstaReM’s 60 world markets.
Both InstaReM and BeeTech have previously signed contracts with Ripple to help facilitate their international money transfers. The new partnership purports to allow each company’s customers to make real-time and low-cost inbound and outbound payments from their countries of operation, effective immediately.
Prajit Nanu, co-founder and CEO of InstaReM, stated:
We are very excited to partner with Brazil’s BeeTech over RippleNet. 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.
Likewise, BeeTech’s founder and CEO, Fernando Pavani, stated:
This partnership is fantastic news for our business customers, who will benefit from Ripple-powered payments into InstaReM’s Southeast Asian markets and beyond. This partnership on RippleNet provides our customers a one-stop shop experience, including the ability to send payments and access new suppliers across more than 60 markets through xVia – a simple API connection.
One Pay Demo
Ripple has also released an official demo of a Ripple-powered Santander One Pay FX mobile app transaction, from start to finish, on its official YouTube channel.
Banco Santander, a Spanish banking group, has been testing Ripple-powered payments for nearly two years. The latest video illustrates the fruits of those labors while illustrating one of Ripple’s solutions to traditional banking.
At the time of this writing, Ripple is currently trading at $0.647661, up 4.72 percent over the last 24 hours.
What do you think of the RippleNet-powered partnership between InstaReM and BeeTech? Do you have any thoughts on the Santander One Pay app? Let us know in the comments below!
Images courtesy of PxHere, Bitcoinist archives, YouTube/Ripple.
[Full disclosure: The author of this article holds Ripple (XRP).]