Remittance in South America
Ripple and the Remittance Market in South America
AstroPay recently announced the launch of itself as the first Latin American money service business on the Ripple Protocol.
Ripple is an asset agnostic platform that borrows from Bitcoin’s core blockchain innovation. It is a decentralised protocol.
Many have hailed Bitcoin as a future game-changer for the international remittance market. Ripple takes what makes Bitcoin special, the blockchain, and seeks to apply that innovation to a variety of assets.
For this reason it offers unique features which have potential above and beyond the Bitcoin network and system.
Ripple is an Internet protocol that enables financial institutions to securely transfer funds in any currency in real time. Banks, money transmitters and clearing houses can use Ripple as clearing and settlement technology to facilitate straight through processing and increase access to liquidity. Ripple was created as a global value web to enable the world to move and exchange value like information today. Developers of any size can easily build payment solutions on Ripple to accelerate the movement of money.
AstroPay, the largest cross-border payment services provider in Latin America, today launched Ripple LatAm. Through local Ripple gateways, Ripple LatAm connects Latin American businesses with their counterparts in Asia, Europe and North America for fast and affordable remittances, merchant payments, and more.
With Ripple LatAm, individual account holders, merchants, and bank partners can instantly and affordably process payments to and from Latin America. This contrasts with correspondent bank networks built on traditional payment infrastructure that requires reserves, high fees, and multiple days to settle transactions across borders.
At launch, Ripple LatAm serves seven countries, including Brazil, Chile, Colombia, Mexico, Peru, Argentina, and Uruguay. With the launch of the Ripple LatAm payments platform, software developers can now build new remittance networks and services on Ripple, offering payments to home countries across Latin America with competitive fees.
AstroPay is the largest cross-border payments services provider in Latin America with more than 600,000 customers in seven countries conducting 5,000 unique transactions per day. AstroPay will enable Ripple LatAm to connect the Ripple protocol with local retail bank networks in each of these markets.