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In a groundbreaking collaboration, Tempo France, a leading money transfer company, has partnered with fintech innovator nTokens to introduce cutting-edge cross-border money transfer services from the European Union to Brazil. Leveraging Stellar blockchain technology, this advanced payment system enables users to send money through the Tempo mobile app, allowing customers of over 170 Brazilian banks to receive funds directly into their accounts. The project also incorporates Armenotech technology based on Stellar.
Expanding in the South American Remittance Corridor
Tempo France and nTokens are venturing into the rapidly growing South American remittance corridor, sharing a common belief in the significant technological breakthrough that this project represents. Brazil alone witnesses $5 billion worth of annual transactions, making it a lucrative market for innovation in money transfers.
Alla Zhedik, CEO of Tempo France, expressed enthusiasm about the collaboration with nTokens, highlighting how it brings new technologies to the region. The Armenotech-based Stellar solutions used for the intermediary part of the transfer process are expected to provide top-tier speed, transparency, and cost-efficiency in the realm of money transfers.
Integrating nTokens and Tempo France for Enhanced Security
The integration of nTokens and Tempo France enhances the security of money transfers as payments are processed via PIX, the instant payment network of the Central Bank of Brazil. This underscores their commitment to maintaining high-quality and modern security standards for transfers.
Promising Remittance Corridors in South America
Both Tempo France and nTokens view South America, especially Brazil, as promising remittance corridors. It is projected that the volume of money transfers between the EU and Brazil will increase from 5% to 10% in 2023.
Global Coverage
Tempo France, an international money transfer system, has successfully implemented innovative projects integrating Stellar technology into money transfer services in Europe and the Asia-Pacific region. The company has introduced over 100 modern payment methods in 100 countries and partnered with fintech company Armenotech to expand its presence in the international payment market while facilitating the integration of the Stellar blockchain into the global sector.
nTokens, a Brazilian tokenization company, provides access to distributed assets in compliance with regulations. Since 2019, the company has offered tokenized access to BRL and participated in the Central Bank of Brazil's Financial Innovation Lab. nTokens also serves as a partner and tokenization agent for the authorized secondary market for startups regulated by the Brazilian Securities Commission, emphasizing protocols and programmable finance as a Stellar trusted group.
