Tempo France and nTokens launch high-tech money transfers on the Stellar Blockchain
Tempo Francean international money transfer system based in France, and nTokens, a Brazilian-compliant tokenization company, has teamed up to launch high-tech money transfers to Brazil. The partnership will use Stellar blockchain technology to facilitate the remittance transfers.
The two fintech companies signed an agreement to launch transfers to Brazil from EU countries. Customers can send money using the Tempo mobile application, while customers of over 170 Brazilian banks can receive the money directly into their bank accounts.
The remittances will be secured using nTokens’ tokenisation technology, while the payout will be carried out by PIX, the instant payment network to the Brazilian central bank. The integration of these two technologies ensures the highest possible speed, transparency and lowest costs in the transfers, according to Alla Zhedik, Managing Director of Tempo France.
“We consider our integration with the successful fintech company nTokens as a very important and innovative project because together we bring new technology to the corridor,” said Zhedik.
“While the sender and receiver trade with fiat money, an intermediate part of the transfer’s technological processing is Armenotech IT solutions based on the Stellar blockchain. This provides the highest possible speed, transparency and lowest costs in the transfers.”
Common project
Both Tempo France and nTokens believe that this project is a serious technological breakthrough in the South American money transfer corridor, where Brazil accounts for almost 5 billion dollars per year. The two companies want to make use of the very promising money transfer corridor and expect the volume of money transfers between the EU and Brazil to grow from five to 10 percent in 2023.
Thomas Teixeira, CEO of nTokens, said that the project is a good example of how tokenization can find its applications in all financial spheres and everywhere. The partnership gives nTokens a great opportunity to demonstrate all the benefits of blockchain technology to its customers in remittances.
Tempo France has actively implemented these types of projects in different parts of the world, especially in Eastern Europe, 20 African countries and the Philippines. Recently, the company successfully completed ground-breaking projects that brought Stellar technologies to remittances in Europe and the Asia-Pacific region.
nTokens, on the other hand, has been issuing tokenized BRL access since 2019 and is a participant in the Brazilian Central Bank’s Laboratory of Finance Innovation. The company acts as a Stellar anchor while working intensively on major protocols and programmable economics.
This partnership between Tempo France and nTokens aims to stimulate more intensive integration of Stellar blockchain technology in the global sector, and they are optimistic that their collaboration will be a significant step forward in high-tech money transfers.
