This morning on our daily YouTube video which you can find by clicking here we did a deep dive into a Ripple/China connection that we discovered. We spoke about a connection into China from a company called GeoSwift.
GeoSwift is an innovative payment technology company – employing the world’s leading payment technology experts – connecting China to the rest of the world. The company comprises the world’s leading payment technology experts who have a deep understanding of the finance industry, technology, and global and China monetary policies. Geoswift customises one-stop, cross-border payment solutions to and from China to achieve growth for its clients, which include the world’s leading e-commerce companies, prestigious universities, and some of the largest brands in the travel industry. GeoSwift partnered with global fintech platform NIUM. NIUM use to be called InstaRem until the re brand took place in 2019. NIUM is an early adopter of RippleNet – video below from the Co-Found and CEO at NIUM.
For those of you who may not know, InstaRem was the company name before they re-branded to NIUM. Through the NIUM/GwoSwift partnership, NIUM is now able to complete real-time transfers into 14 Chinese banks:
1.Bank of China
2.Bank of Communications
3.Bank of Shanghai
4.China Construction Bank
5.China Everbright Bank
6.Fujian Rural Credit Cooperative
7.Guangdong Rural Credit Cooperative
9.Henan Rural Credit Cooperative
10.Hua Xia Bank
11.Hunan Rural Credit Cooperative
12.Industrial and Commercial Bank of China
14.Qinghai Rural Credit Cooperative
Up next we have Xpress Money. Xpress Money is part of Finablr, a global platform for Payments and Foreign Exchange solutions. Xpress Money is a global money transfer brand with a thriving presence in over 170+ countries across all continents through 200,000+ locations. It is one of the most dependable and renowned international money transfer brands across the globe. Xpress Money provides customers convenient, simple, and secure ways to transfer money across geographies. Its widespread network is strengthened by collaborations with renowned organisations that include international money transfer operators, banking and non-banking institutions, retail chains, online remittance players, and fintech companies.
February 2019, Finablr announced that it’s “real-time” cross-border remittances using RippleNet are now live, starting with payments for its international customers. October 2019, Xpress Money Expands Operations in China With Geoswift. Xpress Money, a Finablr company and one of the most dependable money transfer brands in the world, has partnered with Geoswift, an innovative payment technology company connecting China and the rest of the world. This collaboration will enable customers across the globe to send money to 14 banks in China directly to a receiver’s UnionPay card account. Recipients will enjoy real-time cross-border bank transfers sent by their loved ones.
Real–time money transfers to UnionPay card account holders of these 14 banks
2. Bank of China
3. Bank of Communications
4. Bank of Shanghai
5. China Construction Bank
6. China Everbright Bank
7. Harbin Bank
8. Linshang Bank
9. Hunan Rural Bank
10. Qinghai Rural Bank
11. Guangdong Rural Bank
12. Henan Rural Bank
13. Hua Xia Bank
14. Fujian Rural Credit Cooperative
“As a part of the arrangement, UnionPay cardholders will be able to access a range of services offered by Finablr’s global network of trusted brands across various markets. For UnionPay International, the partnership will accelerate its international network expansion by leveraging Finablr’s omnichannel capabilities and global reach.”
GeoSwift is partnered with Xpress Money and Nium who are both leveraging RippleNet. Both Xpress Money and Nium are using GeoSwift to complete real-time money transfer to the same 14 banks in China! Do we find this to be a coincidence?