Roxe, a next-generation global payment network, today announced that Rana Express, an international money transfer company, will become a Roxe node to send remittances from the United States to beneficiaries in Brazil using the Rana Wallet (Android and iOS versions).
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. Rana Express -- which deeply understands the needs of the Latin American community in the United States -- 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 Brazil 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 Rana continues our mission to make money smarter and enables its customers to send money to Brazil much faster, more reliably, and at much lower costs than before.”
“Our partnership with Roxe reflects our continued innovation in meeting the needs of the Latin American community in the United States, especially those of Brazilian heritage,” said Matheus Freire, vice president at Rana Financial. “We chose the Roxe network because it helps us advance our mission to offer the immigrant community in the United States the most reliable, fastest, and safest cash transfer service at the best price. Our customers rely on us to ensure their money is quickly and safely transferred to friends, family and business partners.”
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.
Today’s news brings the number of Roxe network nodes to 16, adding to the company’s momentum from eight recent partner signings. Roxe’s other partners include IPAY, a global online money transfer provider; 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.
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.