On 21 February, the Ripple team announced that Itaú Unibanco, the largest Bank in Brazil and Latin America by market capitalization, will use the system xCurrent on the blockchain Ripple for processing international payments and remittances.
Most of the major banks in South Korea and Japan, in particular, one of the leading commercial banks of Japan, SBI Holdings use the network platform liquidity xRapid Ripple to reduce operating costs in the processing of payments between banks and institutions. In the coming months, Itaú Unibanco together with major Singaporean provider of remittances InstaReM and the Indian commercial Bank IndusInd begin xCurrent to use Ripple for payments between international financial service providers.
Team Ripple noted that service providers in the field of remittances on such major markets as Brazil and Canada, began to use xVia — payment solution developed by Ripple, for the processing of payments in the blockchain Ripple. Beetech in Brazil, and Zip Remit in Canada also plan to process payments in the blockchain Ripple together with money transfer operators from China.
Patrick Griffin (Patrick Griffin), Director of business development, Ripple, emphasized the importance of solutions based on the blockchain in the world industry of transfers and payments, especially for businesses and consumers in emerging markets. Griffin explained that the technology of the blockchain can facilitate the process for those sending money from abroad to their home countries, particularly for immigrants and international companies.
«The problem of payments — global problems, their negative influence has a strong impact on emerging markets. Whether it’s a teacher in the United States that send money to her family in Brazil or a small business owner in India, trying to transfer money to open a second store in another country. For ordinary people we need to connect financial institutions across the globe to the payment system that works for their clients and not against them,» said Griffin.
In January it was reported that Ripple and money transfer service MoneyGram announced a partnership for the processing of international payments for blockchain Ripple. If Ripple can create an environment and community major providers of money transfer in the major regions such as the US and emerging markets, people will be able to send and receive both small and large transfers via the Ripple blockchain with less.
Now RippleNet includes major service providers from Singapore, China and other Asian countries. InstaReM only handles more than 500,000 transactions initiated by clients in more than 60 countries, including Australia, Canada, Hong Kong, Singapore and India.