- Partnership to enable remittances from EU to over 170 Brazilian banks.
- Transfer tech relies on Stellar blockchain for speed, transparency, and low costs.
Tempo France Collaborates with nTokens for Innovative Money Transfers Money transfer company Tempo France has joined forces with fintech nTokens to initiate remittance services to Brazil from the European Union, utilizing Stellar blockchain technology for the transfers.
According to the press release, the cutting-edge remittance system will enable users to send money through the Tempo mobile app, allowing customers of more than 170 Brazilian banks to receive the funds in their accounts. Additionally, the project will incorporate Armenotech’s Stellar-based technologies.
A Breakthrough in South American Money Transfer Corridor Tempo France and nTokens share the conviction that this project represents a significant technological advance in the South American money transfer corridor, where Brazil accounts for roughly USD 5 billion annually.
Alla Zhedik, CEO of Tempo France, expressed enthusiasm about the collaboration with nTokens, noting that it introduces new technologies to the region. The Stellar-based Armenotech IT solutions, used for an intermediate portion of the transfer process, are expected to provide the highest levels of speed, transparency, and cost-efficiency in the remittance space.
Tempo France has actively implemented similar projects worldwide, including Eastern Europe, 20 African countries, and the Philippines.
Expanding Opportunities and Embracing Tokenization
Thomaz Teixeira, CEO of nTokens, stated that as a fast-growing and ambitious high-tech company, nTokens continually seeks new opportunities for geographic expansion and collaboration. Tokenization has potential applications across various financial sectors and beyond. The partnership with Tempo France showcases the benefits of blockchain technology to clients in the remittance market.
The integration of nTokens and Tempo France enhances the security of remittances, with payouts conducted through PIX, the Brazilian Central Bank’s instant payment network. This demonstrates a commitment to high quality and adherence to modern security standards for transfers.
Promising Remittance Corridors in South America
Both Tempo France and nTokens consider South America, especially Brazil, to be a promising remittance corridor. The volume of money transfers between the EU and Brazil is projected to grow from 5% to 10% in 2023.
Global Reach and Stellar Integration
Tempo France, an international money transfer system, has completed pioneering projects integrating Stellar technologies into remittance services in Europe and the Asia Pacific region. The company has implemented over 100 modern payment methods in 100 countries and partnered with fintech Armenotech to enhance its international payment market presence and promote Stellar blockchain integration in the global sector.
nTokens, a Brazilian tokenization firm, facilitates compliant access to distributed assets. Since 2019, the company has issued tokenized BRL access and participated in the Brazilian Central Bank’s Laboratory of Finance Innovation. nTokens is also a partner and tokenization agent of the authorized startup secondary market, regulated by the Brazilian Securities Commission, and serves as a Stellar anchor, focusing on protocols and programmable finance.