Roxe, a next-generation global payment network, today announced that Fairexpay, a leading global aggregator platform for cross-border payments, will become a Roxe payment node to provide remittance services 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. Fairexpay -- which provides payment services in over 200 countries and 130 currencies -- 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 Haohan Xu, chief executive officer of Roxe. “Today’s international payment and remittance systems are too complicated, too slow, and too expensive. Our partnership with Fairexpay can enable banks 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.”
Through the Roxe global instant settlement network’s one-to-many connection, existing and future bank and business customers of Fairexpay will be able to subscribe to the Roxe network service bureau via the Fairexpay platform.
“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 Raj Kattelu, chief executive officer and founder of Fairexpay. “We chose the Roxe network because it helps us advance our mission to provide the best currency exchange rates for banks and businesses to send, receive, and manage cross-border payments faster, easier, and at significant savings.”
Today’s news adds to Roxe’s recent momentum from other customer signings, including ECS Fin, a global bank infrastructure provider, Onchain Custodian, a leading crypto custody player in Asia, and 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 permission 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. 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.