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- Ripple is working with its customers to mitigate the slow and expensive cross-border payments.
- In a bid to change the status quo, Ripple has partnered with International Money Express, Inc., a leading money remittance service provider.
- World Bank has revealed that Mexico is in third place in the list of countries that receive the highest remittance.
Today, making payment anywhere in the world should be a hassle-free task. However, various complexities in the systems mean that you need to pay a fee, and even then, there will be delays.
Ripple is working with its customers to mitigate the slow and expensive cross-border payments. This system is essential in countries where people depend on their family members living abroad to send them the money.
In a bid to change the status quo, Ripple has partnered with International Money Express, Inc., a leading money remittance service provider. The partnership would allow Intermex to use the Ripplenet leverage to facilitate cross-border remittance services between the U.S. and Mexico.
Today more Mexican workers in the U.S. are sending money to their homes. World Bank has revealed that Mexico is in third place in the list of countries that receive the highest remittance. The remittance inflow in Mexico was $36 billion in 2019.
At the moment, Intermex is the biggest U.S. to Mexico remitter service provider and processes nearly 30 million transactions from over 100,000 payer locations. Now, with the help of Ripple, Intermex would settle the main currencies and coordinate the timing of funding with its settlement requirements. It would benefit the customers by reducing the fee and providing transparency.
Other financial organizations are also working with Ripple to provide global payment options. MoneyGram is one such example that uses Ripple’s on-demand liquidity (ODL) service, relying on XRP as the real-time bridge between the sending and receiving money, making the transfer more affordable and much faster.
Since its introduction, the ODL service, the company is responsible for the movement of nearly 10% of funds between the U.S. and Mexico. Not only, ODL make the transactions faster and cheaper, but it also eliminates the need for financial institutions to pre-fund the accounts in destination currency.
Today ODL is being used in various corridors such as US-Mexico, US-Australia, US-Europe, and many more. This has been a huge boon for remitters working in the U.S.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
