Manila, Philippines – Velo Labs, a blockchain infrastructure company have announce its partnership with iRemit, the Filipino-owned, non-bank remittance service provider, to provide individuals and businesses access to improved cross-border payments using blockchain technology and Velo Digital Credits.
Velo Labs and iRemit will both provide the technology and settlement network with the aim to ensure that these cross-border payments may be sent and received at a cheaper cost, faster, and with higher security than is now feasible through traditional financial institutions.
Notably, by connecting with the Velo network, iRemit can now work directly with its trusted partners to settle transactions relatively instantaneously, eliminating the need for middlemen. The efficiency brought about by combining Velo Labs’ blockchain payment infrastructure with iRemit’s robust domestic settlement network would allow iRemit’s users – including overseas Filipinos, migrant workers, and local businesses and people – to keep more of their hard-earned money.
Mike Kennedy, CEO of Velo Labs, said that their 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.
Kennedy emphasised, “As they grow their global settlement network, they are excited to partner with institutions like iRemit, who share their vision of empowering those who rely so heavily on cross-border payments.”
