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RippleNet unlocks emergent markets with xCurrent solution

Thursday 22 February 2018 | 10:24 AM CET

Itaú Unibanco (Brazil), IndusInd (India), and InstaReM (a remittance provider from Singapore) will use xCurrent from RippleNet to provide cross-border payments to financial institutions around the world.

With a growing global need for access and more efficient, transparent and cost-effective payments into and out of emerging markets, new financial institutions have joined RippleNet (two banks and three payment providers) that will expand in India, Brazil and China.

Two global remittance providers, Beetech in Brazil and Zip Remit in Canada, will both use xVia to open payment corridors for their customers around the world.

Additionally, both will look to establish a connection for their customers into China, an opportunity that is now possible thanks to the recent addition of LianLian International to RippleNet in February 2018.

Global remittance payments are expected to grow by 3.4% (almost USD 466 billion) in 2018, with India and China having the highest incoming flows in 2017, according to the World Bank. Emerging markets also host 85% of the global population and account for almost 60% of global GDP.

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