Velo Labs and iRemit have partnered to provide individuals and businesses access to improved cross-border payments using blockchain technology and Velo Digital Credits. Notably, by integrating with the Velo network, iRemit can now work directly with its trusted partners to settle transactions almost instantly, without the need for intermediary agents. The efficiency delivered by combining Velo Labs' blockchain payment infrastructure with iRemit's robust, domestic settlement network will empower iRemit's users – including overseas Filipinos, migrant workers, and local businesses and individuals – to retain more of their hard-earned money.

The Velo Labs settlement network is powered by the Velo Protocol. This financial protocol is the process of issuing digital credits, pegged to a local fiat currency, to transact value between trusted parties. All digital credits are backed by the Velo Labs utility token, the Velo Token; always maintaining a 1:1 value between the digital credits and the underlying fiat currency.

This enables Velo Labs to provide an efficient way of transacting value using digital credits without the risk of volatility that is a concern with other digital asset protocols.