Everest, the decentralized digital payments SaaS provider, announces a partnership with BRI Remittance, a subsidiary of Bank Rakyat Indonesia, one of the country’s largest banks.
The partnership is expected to drive business within the Indonesia-Europe corridor and afford Indonesians and Europeans the opportunity to seamlessly execute exchange of value across international borders.
Indonesia’s USD $11.2 billion global personal remittance market has more than doubled since 2005, with remittances between Indonesia and Europe representing more than USD $500 million. With a population of 275 million and a trillion-dollar economy, Indonesia still lacks the digital infrastructure to provide value exchange between identity-verified individuals.
Everest forged this partnership with BRI to solve this problem, by offering users and institutions a state-of-the-art digital commerce platform that combines licenses and approvals by financial regulators, value exchange, identity verification, and compliance reporting. The collaboration also leverages the existing banking infrastructure and takes advantage of the advanced distributed ledger technologies of the future. The company’s protocols adhere to globally accepted Know Your Customer (KYC) and Anti-Money Laundering (AML) laws, while providing money tokenization, and achieving international regulatory approval. Thus, Everest becomes BRI Bank’s critical partner for cross-border payments, Fx settlement and cash-in/cash-out services. As a result, Indonesians can expect faster, better remittances for exchange of value between Indonesia and Europe.
Everest’s four basic building blocks－the EverChain, EverID, EverWallet, and CRDT Token－offer the best of blockchain technology integrated to the established, trusted banking system. In addition to sending money to friends and relatives, the Everest platform allows senders to put conditions on the “money” sent, through blockchain smart contracts, so that it can only be used to pay bills, or top up mobile phone plans. Even users without a smartphone can be KYC’ed and receive money over the Everest platform.
“BRI Remittance Company’s vision is to be the leading global money service provider. To accomplish this mission, we established joint cooperation with Everest, the leading solution combining KYC, AML, compliance, and digital money movement－all through an integrated blockchain platform. It is truly an honor to have developed this strategic partnership with Everest Network Ltd., which has a strong presence in the European market and is growing in Oceania,” says BRI Remittance Executive Director Gigieh Perkasa.
“This partnership is a great opportunity for BRI-Bank and Everest to provide innovative, mobile financial services that are simple and secure, with reach to people across Indonesia, the broader region, and eventually the rest of the world,” says Everest CEO Bob Reid.