Stellar blockchain proponents Tempo France and Armenotech have announced a partnership on payments and remittances, according to a note from the firms.
Tempo France is an international money transfer system that recently utilized Stellar to power transfers in Europe and the Asia Pacific region. Tempo reports using over 100 payment methods in 100 countries globally.
Armenotech, based in Cypress, is a software development firm focusing on Stellar.
The partnership is said to involve “a wide range of business ventures,” starting with international remittances. The collaboration started with several global projects that were said to have been completed jointly.
Tempo France CEO Alla Zhedik noted that they are licensed by the Bank of France and able to operate across the EU. The move to incorporate Stellar in their processes is due to increasing competition, and they will be able to deliver improved levels of efficiency, including KYC/AML and fraud monitoring. She added that Tempo will also be able to fully comply with the regulator’s requirements in an automated fashion.
Daniel Gazaryan, CBO at Armenotech, said the partnership provides a promising channel of new projects incorporating payments and remittances. He added:
“It is the adaptation of the Stellar blockchain to traditional fiat money transfers. The sender pays fiat and the receiver receives fiat. But what is in between is blockchain. This increases speed and transparency and reduces costs to the absolute minimum.”