Roxe, a next-generation global payment network, today announced that IPAY, a global online money transfer provider, will become a Roxe node to send remittances from the United States to beneficiaries in India.
The Roxe network is designed to save financial institutions significant time and costs by using blockchain technology to provide fast, inexpensive, and highly reliable clearing and cross-border settlement of payments and remittances.
As traditional and digital financial institutions increasingly embrace blockchain, today’s news reflects continued momentum in the integration of traditional finance with decentralized technologies. IPAY -- which provides payment services in over 100 countries across 100 payment and remittance corridors -- will be able to use Roxe to eliminate costly intermediary payment companies and provide instant settlement, which in turn eliminates the need to maintain reserves in a multitude of regional banks.
“The US to India is a large, important remittance corridor as we continue our global expansion and lead the shift of global payments from a traditional account model to a new blockchain- powered paradigm,” said Josh Li, chief business officer of Roxe. “Today’s international payment and remittance systems are too complicated, too slow, and too expensive. Our partnership with IPAY can enable businesses, banks and individuals to remove barriers of time, geography, and currency so that financial value moves much faster, more reliably and at much lower costs anywhere in the world.”
“Our partnership with Roxe reflects our continued innovation in providing the most reliable, fastest, and cost-effective payments and remittance services to our customers across the world,” said Tan Ching Khoon, chairman of IPAY Group. “We chose the Roxe network because it helps us advance our mission to provide businesses and individuals the ability to send and receive cross-border payments and remittances faster, easier, and at significant savings without compromising on compliance requirements.
Today’s news adds to Roxe’s recent momentum from other customer signings, including Fairexpay, a global aggregator platform for cross-border payments, ECS Fin, a global bank infrastructure provider, Onchain Custodian, a leading crypto custody player in Asia, N2Xpress, a fast-growing, global remittance company, BuyUCoin, a leading digital asset exchange, and Aberdeen Capital Group, a business consulting firm that provides cross-border payment services.
Roxe's technology allows member nodes to access a permissioned blockchain network so they can settle in seconds instead of days. Unlike previous approaches that attempted to enable clearing and settlement via the use of one digital asset, Roxe member nodes can transfer and settle many different assets and asset classes. Roxe member nodes benefit from the speed and cost benefits of blockchain technology without having to directly transact with any cryptocurrency.
The Roxe network is currently designed to support USD, several major fiat currencies, and fiat from select countries with large remittance markets such as Nigeria, Egypt, Turkey, India, Philippines, Mexico, and Brazil among others.