Roxe, the payments clearing and settlement network, announced on Thursday its partnership with N2Xpress for piloting remittance services to beneficiaries in Nigeria and India.
This move, according to the company, is its step to enter the major remittance markets. The Roxe network currently supports the US dollar and local fiats from Nigeria, Egypt, Turkey, India, the Philippines, Mexico and Brazil.
“The US to Nigeria and US to India are large, important remittance growth markets for us as Roxe leads the payments industry shift from a traditional account model to a new blockchain-enabled paradigm,” Roxe’s CEO, Haohan Xu said.
Though blockchain is only a decade old, it is seen as a useful technology for cross-border payments. Many companies are trying to tap the remittance industry, making it more efficient with blockchain.
“Today’s international payment and remittance systems are too slow, too expensive and too unreliable. Our partnership with N2Xpress can enable Roxe customers to send remittances much faster, cheaper and more reliably to these new markets,” Xu added.
As FortuneZ reported earlier, Apifiny launched Roxe in June and the network empowers banks, payment and remittance companies to get the speed and cost benefits of crypto-powered settlement without having to transact directly with any cryptocurrency.
On the other hand, N2Xpress is already offering remittance services in several major markets. It will further test the requirements to potentially become a supernode on Roxe Chain.
“Our partnership with Roxe reflects our ongoing commitment to providing the easiest, fastest and most cost-effective remittance services to all of our customers,” N2Xpress Founder, Kunbi Oguneye said.
“Our mission is to make money transfers more meaningful for families and individuals living between countries, so they can save more and do more. Our partnership with Roxe will allow us to advance our mission even further.”