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InstaReM and BeeTech open payment corridor on RippleNet

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Money transfer operators InstaReM and BeeTech are to open up a new payments corridor between South East Asia and Latin America using Ripple’s instant payment rails.

The two firms were among a clutch of banks and payment processors in emerging markets to recently sign up to use Ripple’s enterprise-ready ledger product xCurrent and xVia API to transmit and accept real-time payment flows across borders.

The agreement between InstaReM and BeeTech will enable customers of the Singapore-based operator to send real-time payments into South America. BeeTech users will benefit from instant pay out services via xVia into the 60 markets across the world that InstaReM supports.

Announcing the tie-up, Prajit Nanu, Co-founder and CEO of InstaReM, says: “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.”

News of the linkage comes just a day after UK-based money transmitter Currencies Direct completed a successful trial of international payments over Ripple’s xRapid platform using XRP, joining a small number of payment processors to have leveraged Ripple’s digital asset as an intermediate unit of account for fiat-to-fiat exchanges.

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