Integrated global payments platform ZED Network has announced an agreement with Interstellar, a company that develops applications and infrastructure for the Stellar ecosystem with the aim to revolutionise the world of cross-border, cross-currency and cross-asset transactions by creating a universal global payment network.
Stellar connects banks, payment systems and people to move money quickly and at no cost.
ZED provides Money Transfer Operators (MTOs) with a comprehensive “remittance-in-a-box” solution including mobile and web apps, comprehensive back office support, and KYC/AML monitoring and reporting. As part of the agreement, ZED will also provide MTOs with an instant settlement option on top of the Stellar Network.
“ZED Network and the team at Stellar and Interstellar share a vision for transforming the remittances sector by powering cross-border payments seamlessly and instantly,” said Alan Safahi, Founder and CEO of ZED Network. “We look forward to collaborating with Interstellar to significantly grow ZED Network’s worldwide reach.”
“We are very excited to partner with ZED Network to help accelerate the growth and adoption of the Stellar Network” said Paul Arnautoff, Head of Sales and Partnerships at Interstellar. “ZED provides a unique platform to help Money Transfer Operators immediately participate in the Stellar Network without any investments in technology or integrations. We’re looking forward to working with ZED to expand our reach and provide a broader ecosystem of partners.”
ZED’s proprietary technology aims to address the imbalances and inequities in the MTO market. Executed over Stellar to a network of sending and receiving MTOs in multiple worldwide corridors, the ZED platform offers a single point of integration for MTOs for the sending and receiving of remittances including a wallet, web and mobile apps, the facility to exchange multiple currency pairs, and a robust back office with suite of analytics and reporting tools for compliance and monitoring. And on a societal level, ZED Network will reduce the $40+ billion in remittance fees currently charged – fees which disproportionately affect the world’s lowest wage earners.