Cowrie Integrated Systems is a financial technology company that provides value added services over electronic payment networks. Cowrie issues NGNT tokens, pegged to the Nigerian Naira, allowing users to trade and redeem these tokens in a global market.
Tempo is an electronic payment institution and the principal EU anchor for Stellar blockchain payments. Tempo acts quickly to ensure pricing, foreign exchange rates, agent opportunities, and customer service remain highly competitive in regards to local markets.
Traditional remittance flows can be slow and cumbersome, constricted by how legacy systems currently operate. Money Transfer Operators (MTOs) charge senders high fees to make up for increased operating costs and technical inefficiencies. Receivers end up losing value due to the many times their money passes through unfavorable exchange rates before it arrives at the end destination.
Over the years, Tempo has seen customers struggle to make international payments as global regulations become stricter and financial systems fail to streamline operations. Tempo needed a solution that would remove the friction from the remittance flow while being easy, fast, and transparent for their customers to use.
International payments are also difficult to conduct if they involve less globally traded currencies, putting people who want to exchange those currencies in a tight spot. This is the problem Cowrie Exchange identified with their customers, who wanted to exchange Nigerian naira but had no cost-effective way to do so.
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