Ripple unite with five banks in four different countries

Ripple today announced a new alliance with five banks, remittance agencies in four different countries.

Itaú Unibanco in Brazil, IndusInd in India, InstaReM in Singapore, Beetech in Brazil, Zip Remit in Canada will incorporate  ripple platform to help real-time international payment.

IndesInd, InstaReM, Itaú Unibanco will use xCurrent for real-time international transactions. Beetech and Zip Remit will use ripple xVia to promote international settlement targeting individual customers. Besides, Beetech and Zip Remit revealed that they plan to create a cooperative relationship with Chinese LianLian which began introducing xCurrent.

Patrick Griffin, Ripple ‘s business development manager, said the new partnership could particularly support customers in emerging markets.

Patrick Griffin said,

“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.”

Last week Ripple did an agreement with the Saudi Arabian Monetary Authority (SAMA). As SAMA will support Ripple’s cross-border payment technology for banks in the Kingdom of Saudi Arabia (KSA)

Also Ripple has entered this year and announced that it will announce partnership with five remittance companies, and recently, a partnership with MoneyGram, IDT Corporation, Mercury FX, Western Union has been announced.