Money transfer companies Tempo France and Orokii have opened a money transfer corridor between the United States, 27 countries of the European Union, the Philippines and Ukraine.
“This partnership provides an excellent opportunity for a payment system between Europe and the United States,” the companies said in a press release Wednesday, October 5. “It aligns with our shared values of providing blockchain-based cross-border money transfers, reducing customer transaction costs, reducing delivery times and promoting financial inclusion.”
As part of the partnership, New Jersey-based Orokii announces that it will soon be processing payments for Tempo customers in the United States.
“Tempo France was the first money transfer company to create international money transfers based on blockchain solutions,” said Alla Zhedik, CEO of the company. “We are happy that Orokii shares the same values of the innovative approach to remittances. 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 Arf Platform and Tempo Launch New Payment Corridor
Last year, Tempo partnered with 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 exchanges them into Stellar USDC. From there, Arf transfers the money to a partner in the Philippines to be converted into local fiat.
Learn more: Stablecorp, Shift Markets Build Canada-US Cross-Border Payments Rail
This week also saw global digital asset infrastructure companies Stablecorp and Shift Markets join forces to set up a cross-border payment and foreign exchange (FX) system that uses the Algorand blockchain and allows assets to move between the Canada and the United States.
With this rail, cross-border transactions between the two countries can be settled almost instantly, including on weekends, instead of the average three to five days. Additionally, total fees and spreads may be discounted up to, estimated Stablecorp.
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