By Josiah Wilmoth
San Francisco-based startup Ripple has added Latin America’s largest bank to its enterprise blockchain network.
Ripple Adds Latin America’s Biggest Bank to Its Growing Enterprise Blockchain Network
Most notable among those firms is Brazil-based Itaú Unibanco, which is Latin America’s largest bank by market cap. Both Itaú Unibanco and India-based bank IndusInd will adopt Ripple’s popular xCurrent product, which allows banks to instantly settle cross-border payments with end-to-end tracking.
InstaRem, a Singapore based remittance provider, also elected to adopt xCurrent for its payment flows.
Meanwhile, money transfer firms Zip Remit, which is headquartered in Canada, and Beetech, another Brazil-based firm, revealed that they would adopt xVia, which helps companies open payment corridors with individual international clients. Ripple added that both of these companies expressed interest in using RippleNet to open payment corridors in China, which is now possible following the recent addition of Hong Kong firm LianLian International to the network.
Addressing the Payments Problem in Emerging Markets
Patrick Griffin, Ripple’s head of business development, said that this new series of partnerships will improve the quality of financial services in emerging markets across the world.
“The payments problem is a global problem, but its negative impact disproportionally affects emerging markets,” he said, adding:
“Whether it’s a teacher in the U.S. sending money home to his family in Brazil, or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.”
Notably, none of these new partnerships will see financial institutions integrate Ripple’s XRP token into their payment flows. However, 2018 has already seen the world’s two largest money transfer firms — Western Union and MoneyGram — conduct XRP pilot programs using Ripple’s xRapid product, and the blockchain startup has strongly suggested that more firms will announce XRP trials in the near future.
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