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Blockchain platform Stellar goes global, partners with Coins.ph, Flutterwave, ICICI Bank and Tempo

Stellar, a non-profit organization dedicated to facilitating cross-border payments, has announced that it has partnered with four financial institutions, enabling their customers to send and receive low-cost and instant money transfers.

Founded in 2014, Stellar is a platform that connects banks, payments systems, and people. It is built on blockchain technology and enables people to send remittances across international borders at lower prices via proprietary digital money, called lumens, Fortune explained.

According to the official announcement, mobile financial services provider Coins.ph, pan-African financial technology and services company Flutterwave, India’s largest private sector bank by consolidated assets ICICI Bank, and high-tech European licensed remittance provider Tempo Money Transfer have integrated with Stellar. This will allow their customers to move money from France to Nigeria to Kenya to India in real-time and securely.

The integration of Coins.ph and Stellar will allow people to send money to anyone in the Philippines that has a phone number using a Stellar wallet or from any institution connected to the Stellar network.

Flutterwave will use Stellar to support cross-border payments to M-Pesa, a mobile platform for money transfer and financial services. For the 21 million M-Pesa users who are limited to transacting in Kenya, this move will expand their ability to send payments regardless of whether they are based in Kenya, Ghana or Nigeria, the statement said.

Tempo Money Transfer has integrated with the Stellar network. People can now send global remittances from Europe through Tempo, and to other financial institutions, such as Coins.ph in the Philippines, which are connected to the Stellar network.

ICICI Bank is integrating with the Stellar network to support money transfers internationally as well as within India. It is working to launch a pilot program on Stellar for cross-border payments without traditional wire fees. In addition, the bank is also launching a mobile wallet application with a Stellar backend for university and office campuses, which they will potentially roll out to a larger customer base.

“With blockchain technology we are able to conduct business seamlessly with parties with which we had no prior relationships. Blockchain platforms such as Stellar.org are providing us with an automated technology solution to establish trust without the need for an intermediary. This technology is enabling us to conduct business a lot quicker, cheaper with lower error rates and lower vulnerability to cyber threats. It is helping us eradicate the need for post transaction settlements which are cumbersome and expensive. We envision blockchain technology playing a key role in banking in the years ahead”, Raj Chowdhury, Head of the Blockchain initiative, ICICI Bank said.

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2017-08-18 18:19:07
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26 %

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