Ripple has announced that five new clients across four countries have joined its RippleNet platform to facilitate payments.
Two of the clients are banks from Brazil and India, and three are remittance providers from Singapore, Brazil, and Canada.
Ripple said it recently surpassed the 100-member mark, many of which operate in emerging markets.
“When financial institutions adopt blockchain technology for payments, it lowers both costs and transfer times for their customers, which is crucial in developing countries where financial flexibility is limited,” it said.
“By joining RippleNet, financial institutions are able to communicate information about a payment between each other and settle payments immediately.”