Money transfer companies Tempo France and Orokii have opened a remittance corridor between the U.S., 27 European Union countries, the Philippines and Ukraine.
“This partnership brings an excellent opportunity for a payout system between Europe and the United States,” the companies said in a news release Wednesday (Oct. 5). “It aligns with our shared values of providing cross-border blockchain-based money remittances, lowering customer transaction costs, reducing delivery time, and promoting financial inclusion.”
As part of the partnership, New Jersey-based Orokii says it will soon deliver payments for Tempo customers in the U.S.
“Tempo France was the first money remittance company to build international remittances based on blockchain solutions,” said Alla Zhedik, the company’s CEO. “We are happy that Orokii shared the same values of the innovative remittance approach. Using blockchain technologies to achieve the best performance regardless of borders and continents!”
Orokii CEO Bisi Adedokun added that the two companies share the goal of “providing financial inclusion to the unbanked and underbanked.”
See also: Stablecoin Platform Arf and Tempo Launch New Payments Corridor
Last year, Tempo teamed with the global stablecoin treasury, working capital financing and cross-border settlement provider Arf to launch a payment corridor through the Stellar network, connecting Europe to the Philippines.
Stellar USDC, a digital currency issued by Circle, is at the center of the Arf/ collaboration. Tempo accepts fiat euros from senders and changes them to Stellar USDC. From there, Arf moves the money to a partner in the Philippines to be converted to local fiat.
Learn more: Stablecorp, Shift Markets Build Canada-US Cross-Border Payments Rail
This week also saw the global digital asset infrastructure firms Stablecorp and Shift Markets join forces to set up a cross-border payments and foreign exchange (FX) rail that uses the Algorand blockchain and allows assets to flow between Canada and the United States.
With this rail, cross-border transactions between the two countries can be settled almost instantaneously, including on weekends, instead of the average of three to five days. In addition, total fees and spreads can be reduced by up to, Stablecorp estimated.
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