Ripple to be used as Payments by InstaReM and BeeTech

Singapore-based company InstaReM and FX provider offering services in Latin America, BeeTech recently declared about their partnership using Ripple products
01 June 2018   441

The partnership is mainly aimed on opening a new payments corridor between South East Asia and Latin America. As claimed in the official details, the banks are going to use Ripple’s xCurrent and xVia products to provide real-time payment system across borders of the target areas.

xCurrent product also supplies end-to-end tracking resolves for transactions that will provide banks with the ability to message each other in real time. The product is also presented by a rulebook which is developed by Ripple as well as the RippleNet Advisory Board to ensure legal clarity and consistency.

Because of the standard interface for payments across different networks of the xVia product, the users will be able to send payments globally with transparency. It also has the facility of attacking rich information and payment status.

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.
Prajit Nanu,
CEO, InstaReM

InstaReM clients will have the possibility to send real-time payments into South America. The new solution will also let BeeTech customers access instant payment services using xVia, in those 60 markets that are managed by InstaReM. 

Ripple to Plan to Target Chinese Market

It has became known that Ripple has plans for Chinese market as early as in March
16 August 2018   131

Ripple, the provider of financial solutions, plans to enter the Chinese market with its blockchain solution for international payments. This is reported by CNBC.

China is definitely of interest, it is definitely a target. China is definitely a country and region of interest.

Jeremy Light
Vice president of European Union strategic accounts, Ripple

It has became known that Ripple has plans for Chinese market as early as in March. As the head of the Ripple representative office in the Asia-Pacific region, Sagar Sarbhai, stated at the time, the company is actively negotiating with state institutions and banks of the PRC, regulating regulatory and legal issues, as well as educational work, telling about the advantages of new payment solutions.

Earlier, Ripple entered into a deal with a financial firm from Hong Kong LianLian International. The purpose of the agreement is the use of the xCurrent product by the Hong Kong company to create a system of international payments.

The Ripple product based on the distributed registry technology was originally created for the organization of fast and international payments. More than 100 financial organizations cooperate with the company, including UniCredit, UBS and Standard Chartered.

Against Ripple Labs there has been filed three lawsuits on charges of manipulating the price of the XRP token. At the same time one of the claims was rejected by the Northern District Court of California.