As per the information provided in the press release, following the introduction of the high-tech remittances, people are set to be enabled to send money leveraging the Tempo mobile application, with clients of more than 170 Brazil-based banks set to be able to receive said funds within their bank accounts. Furthermore, the project is announced to feature the application of the Armenotech-designed technologies based on the Stellar blockchain platform.
The announcement highlights that Tempo France and nTokens have a common belief that the project is set to represent a ‘technological breakthrough’ within the South American money transfer corridor, where Brazil accounts for approximately USD 5 billion on a yearly basis.
Alla Zhedik, CEO of Tempo France advised that they consider the integration with nTokens to be an important and innovative project, as through the collaboration, the companies are bringing forth new technologies in the region. As per their statement, while the sender and the receiver are dealing with fiat money, an intermediate part of the transfer’s technological processing is made up of Armenotech IT solutions based on Stellar blockchain, which is believed to help bring the ‘highest possible’ speed, transparency, and lowest costs within the remittances space.
Furthermore, Tempo France’s spokesperson confirmed that the company has been implementing such types of projects in different parts of the world in an active manner, particularly throughout Eastern Europe, 20 African countries, and the Philippines.
Commenting on the announcement, Thomaz Teixeira, CEO of nTokens stated that being a rapidly developing and ambitious high-tech company, the fintech is on the constant lookout for new opportunities to expand its activities’ geography and new channels for cooperation. The company representative believes tokenisation can find its applications within each finance sphere and beyond, with the joint project with Tempo France thought to exemplify this and provide the chance to demonstrate all the advantages associated with blockchain technology to clients in the remittances space.
When talking about the nTokens – Tempo France integration, the remittances are increasingly secure, and when in the last stage of the transfers, the payouts are carried out through PIX, an instant payment network of the Brazilian Central Bank. This is believed to be a recognition of high quality, together with an indicator of the most modern standards of security for transfers.
The announcement further details that Tempo France and nTokens alike consider South America, and Brazil more particularly, to be promising remittance corridors, with the volume of money transfers between the EU and Brazil expected to increase from 5% to 10% in 2023.
An international money transfer system, Tempo France has completed pioneering projects that bring Stellar technologies to remittances in Europe and the Asia Pacific region. The company has been implementing over 100 modern payment methods in 100 countries globally and has partnered with fintech Armenotech to better its activities within the international payment market and stimulate the integration of Stellar blockchain in the global sector.
A Brazil-based compliant tokenisation company, nTokens coordinates access from compliant finance to distributed assets. From 2019 onwards, the fintech has been issuing tokenised BRL access and has been part of the Brazilian Central Bank’s Laboratory of Finance Innovation. Furthermore, the company is a partner and tokenisation agent of the authorised startup secondary market, regulated by the Brazilian Securities Commission, and also acts as a Stellar anchor, working on protocols and programmable finance.
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