InstaReM has partnered with São Paulo-based BeeTech, a market-leading South American payment service provider, on Ripple’s leading enterprise blockchain network for payments.
This partnership is the first of its kind between a non-bank RippleNet member in Asia and in South America, and will enable their customers to benefit from fast, transparent and low-cost Ripple-powered payments across a greater number of markets.
The collaboration between BeeTech and InstaReM follows shortly after both international money transfer companies signed with Ripple, the world’s only enterprise blockchain solution for global payments. Customers will now be able to make payments to and from markets where the companies operate – in real time, and at low cost, starting in May 2018.
Singapore-headquartered InstaReM offers payment services to over 55 countries, including markets in Southeast Asia and Europe. The partnership with Beetech will enable InstaReM customers in Asia-Pacific to send real-time payments into South America. BeeTech customers will benefit from instant pay out services into the 60 markets across the world that InstaReM supports.
Announcing the tie-up with BeeTech, Prajit Nanu, the Mumbai-bred Co-founder and CEO of InstaReM, said: “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.”
Fernando Pavani, Founder and CEO of BeeTech said: “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.”
InstaReM’s remittance hubs are spread across Asia-Pacific, European Union and U.S. with an operations office in Mumbai, India.