ZED Network, a consolidated cross-border payment platform, has partnered with Interstellar, a blockchain firm that builds apps and framework for the Stellar ecosystem, to establish an universal payment network that would bring about a drastic change in overseas, cross-asset and cross-currency transactions.
Stellar is renowned for its ability to link financial institutions such as banks, general public and other payment processing systems to enable quick fund transfer at virtually no cost.
Zed gives Money Transfer Operators (MTOs) with a detailed “remittance-in-a-box” solution such as smart phone and web apps, robust back office assistance, and KYC/AML monitoring and reporting. As part of the deal, ZED MTOs will also provide an instantaneous payment option on the Stellar network.
Commenting on the partnership, Alan Safahi, Founder and CEO of ZED Network said
“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. We look forward to collaborating with Interstellar to significantly grow ZED Network’s worldwide reach.”
Paul Arnautoff, Head of Sales and Partnerships at Interstellar opined as follows:
“We are very excited to partner with ZED Network to help accelerate the growth and adoption of the Stellar Network. 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 exclusive technology wants to resolve the shortcomings in the MTO market. Executed on top of Stellar to a network of transmitting and receiving MTOs in numerous global channels, the ZED platform offers a one stop source of integration for MTOs for transactions, including a secure wallet, mobile and web apps, ability to exchange various currency pairs, and a strong back office with collection of data analysis and documenting tools for compliance and tracking. And on a community level, ZED Network will decrease the $40+ billion in settlement fees presently charged – cost which unduly affects earners of the world’s lowest wages.
Stellar, an open source protocol, facilitates low cost, transparent and seamless multi-asset transactions across the world. Interstellar facilitates progressive entities such as the ZED Network to effortlessly join the Stellar ecosystem.
