Source: Tempo France
Tempo France and the Brazil-based fintech firm nTokens have launched high-tech remittances to Brazil from the EU countries.
The project features the application of the pioneering Armenotech-designed solutions based on the Stellar blockchain platform as its key technological element.
Completion of the project enables people to send funds via the Tempo mobile application.
The clients of over 170 Brazilian banks can now receive funds into their bank accounts. Implementation of the Stellar-blockchain in the payment process brings significant advantages, providing the highest possible transaction speed and the maximum safety and transparency.
But what is the most important is that the clients can enjoy the lowest possible costs of the remittances.
Both companies believe that successful completion of the project is a significant
technological and commercial breakthrough in the important money transfer corridor of the continent. Brazil accounts for almost $5 billion in the South American money transfer corridor.
“Our joint project with nTokens has important meaning not only for remittances
technologies and Brazil but for the whole entire financial segment of the continent. While sender and receiver deal with traditional funds, an intermediate part of the payment chain is solutions based on Stellar blockchain. They are the game changer in transfers because they bring South American finance to a new level of convenience and minimize the costs” said Alla Zhedik, CEO of Tempo France.
“It is an innovative project bridging traditional and digital finance. Tempo, which is licensed by Banque de France, plays a significant role providing financial settlements and dealing with whole complex of transaction safety as well as KYC and AML aspects.”
She underlined that the unique and fully customised IT platform was disigned by Tempo’s strategic partner, Cypriot IT-developer Armenotech.
She went on to say that although Brazil is a giant market and the demand for quality is growing, the competition is growing too. “The role of technological solutions is on the rise in the modern payment branch. We pit ourselves against the competitors by providing pioneering Stellar blockchain technologies. “
She also mentioned that the company has been actively implementing such types of projects in different parts of the world. Tempo’s projects in payment markets in Eastern Europe, 20 African countries and the Philippines have been successfully completed.
“As a rapidly developing and ambitious high-tech company, nTokens is constantly looking for new opportunities to extend the global usage of our services and new channels for cooperation. We believe that tokenisation can find its applications in every sphere of finance and everywhere. The joint project with Tempo France is a great example of this. It gives us a great opportunity to demonstrate all the advantages of blockchain technology to the clients in remittances. ”; said CEO of nTokens, Thomaz Teixeira.
He added that nTokens-Tempo France integration provides an even higher degree of security. The instant payment network of the Brazilian Central Bank, PIX, executes payouts in the last stage.
This indicates the most modern standards of security of the transfers and is a great recognition of high quality.
“ The South American financial and banking industry is discovering all the advantages of implementation of digital assets in its payments and asset transferences, as the popularity of blockchain methods has been growing exponentially. Our joint venture with Tempo enables us to be in the front of new trends and remain amongst the leaders,” Teixeira said.
Tempo France and nTokens consider South America in general and Brazil in particular as very promising vectors for global remittances.
They expect the volume of money transfers between the EU and Brazil to grow from 5 percent to 10 percent in 2023.