MANILA, Philippines and SAN FRANCISCO, April 5, 2022 /PRNewswire/ — Velo Labs, a leading blockchain infrastructure company, and iRemit, the largest Filipino-owned, non-bank remittance service provider, have partnered to provide individuals and businesses access to improved cross-border payments using blockchain technology and Velo Digital Credits.
An estimated 34 billion USD in remittances arrive into the Philippines each year and are currently subject to high fees, costly delays, and a complex web of intermediaries – all of which destroy economic value and hurt individuals reliant on cross-border payments. Velo Labs, alongside iRemit, will provide the technology and the settlement network to ensure these cross-border payments can be sent and received cheaper, faster and more securely than current, legacy financial systems allow.
Notably, by integrating with the Velo network, iRemit can now work directly with its trusted partners to settle transactions almost instantly, without the need for intermediary agents. The efficiency delivered by combining Velo Labs’ blockchain payment infrastructure with iRemit’s robust, domestic settlement network will empower iRemit’s users – including overseas Filipinos, migrant workers, and local businesses and individuals – to retain more of their hard-earned money.
“Our partnership with iRemit is a direct reflection of Velo Labs’ core mission: to build a global, decentralized, and interoperable settlement network that provides fast, reliable, secure cross-border payments,” said Mike Kennedy, CEO of Velo Labs. “As we grow our global settlement network, we’re excited to partner with institutions like iRemit, who share our vision of empowering those who rely so heavily on cross-border payments.”
The Velo Labs settlement network is powered by the Velo Protocol. This financial protocol is the process of issuing digital credits, pegged to a local fiat currency, to transact value between trusted parties. All digital credits are backed by the Velo Labs utility token, the Velo Token; always maintaining a 1:1 value between the digital credits and the underlying fiat currency. This enables Velo Labs to provide an efficient way of transacting value using digital credits without the risk of volatility that is a concern with other digital asset protocols.
iRemit is the largest Filipino-owned, non-bank remittance service provider, having serviced the cross-border payment needs of overseas Filipinos for over 2 decades. Customers are key to the iRemit mission and the company continues to develop best business and technological practices to ensure they provide secure, reliable and low cost money transfer services so that the individuals that rely on these services can continue to prosper and grow the local economy.
About Velo Labs
Velo Labs uses blockchain technology to develop a global settlement network that empowers financial institutions to provide secure, near-instant cross-border payments at low cost for individual and business customers. Velo Labs is working to improve access to efficient financial services by developing key technologies that allow for the seamless transfer of value across-borders.