Ripple announces new agreements with 5 institutions from different countries

Ripple today announced a new partnership with five banking and money transfer organizations in four different countries.

According to the press release, Itaú Unibanco from Brazil, IndusInd from India, InstaReM from Singapore, Beetech from Brazil and Zip Remit from Canada. These banks are said to have agreed with the XRP platform to facilitate international payments.

According to Fineextra, Beetech and Zip Remit are planning to use Ripple's xVia product to facilitate international payment channels for individual customers, while IndusInd, InstaReM and Itaú Unibanco plan to use xCurrent for real-time international transactions to financial institutions.

Ripple network grows

In addition, both Beetech and Zip Remit are planning to partner with China-based LianLian, which recently started using xCurrent.

InstaReM CEO Prajit Nanu said that these developments will help XRP. With the growing network, other companies said they would take advantage of it and added:

"RippleNet members are now able to pay in a number of places in Southeast Asian countries thanks to InstaReM's secure infrastructure"

Ripple's business development manager, Patrick Griffin, explained that the new partnerships will help customers in emerging markets:

"A teacher in the US had to depend on the payment system of the financial institutions of the world to send money to the Brazilian family, to open a second store in a small business-owned country in India. But now this necessity has come to an end. "