Money Transfer Firms Join Ripple's Payment Network

Ripple is continuing to add new clients to its distributed ledger-based payments network, RippleNet.

Announced yesterday, two international money transfer companies - Singapore-based InstaReM and Sao Paulo, Brazil-based BeeTech - have partnered to allow customers to benefit from Ripple's product, which they say offers speed, transparency and lower costs.

The collaboration will facilitate blockchain-based payments between Latin America and a number of countries currently served by InstaReM, including markets in Southeast Asia and Europe, a release states.

"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."

Also newly signed up for RippleNet is the Kuwait Finance House, which announced on May 26 that it was to utilize the service for cross-border payments, claiming to be the first bank in Kuwait to join the blockchain-powered network.

In the last month alone, at least six banks and payments providers have opted to utilize Ripple's various payments tools, including South Korean exchange and remittance service Coinone.

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