Tempo France and Brazil-based fintech firm nTokens signed an agreement to launch high tech remittances to Brazil from EU countries.

People will be able to send money via the Tempo mobile application. As a result, clients of over 170 Brazilian banks can receive the funds into their bank accounts.

The project features the application of the pioneering Armenotech-designed technologies based on the Stellar blockchain platform.

Both companies believe that the project is a serious technological breakthrough in the South America money transfer corridor. Notably, Brazil accounts for remittances worth nearly $5bn per year.

Speed, transparency and reduced costs

“We consider our integration with the successful fintech company nTokens as a very important and innovative project. Together, we are bringing new technologies to the corridor,” said CEO for Tempo France, Alla Zhedik.

“While sender and receiver deal with fiat money, an intermediate part of the transfer’s processing is the Armenotech IT solution. This is based on the Stellar blockchain. This brings the highest possible speed, transparency and lowest costs in the remittances.”

The firm has been actively implementing such types of projects in different parts of the world. Examples include Eastern Europe, 20 African countries and the Philippines.

“As a rapidly developing and ambitious high-tech company, nTokens is constantly looking for new opportunities to expand the geography of its activities and new channels for cooperation. We believe that tokenisation can find its applications in every sphere of finance and everywhere. The joint project with Tempo France is a great example of this. It gives us a great opportunity to demonstrate all the advantages of blockchain technology to the clients in remittances,” said CEO for nTokens, Thomaz Teixeira.

In the case of nTokens-Tempo France integration, the remittances are even more secured. In the last stage of the transfers, the payouts are executed by PIX, an instant payment network of the Brazilian Central Bank.

Tempo France and nTokens considered South America in general and Brazil in particular as very promising remittance corridors. They expect the volume of money transfers between the EU and Brazil to grow from 5% to 10% in 2023.