- Intermex finds Ripple’s XRP not suitable for Mexican remittance but is the right solution in the African market.
- The remittance provider is not planning to use Ripple technology between the US and Mexico.
- Recently, Ripple partnered with DeeMoney, which is the Thailand-based money exchange and transfer service gateway.
Intermex, a prominent processor of money transfer services to the United States and Latin America that recently joined Ripple’s cross-border payments network, finds Ripple’s XRP not suitable for Mexican remittance but is a right solution in the African market.
Intermex is not planning to use Ripple technology between the US and Mexico
Intermex processes over 30 million transactions per year, highlights its plan to leverage Ripple’s services going forward. The remittance provider is not planning to use Ripple technology between the US and Mexico.
Mexico is the third highest country with the number of remittance recipients. Its remittance flows totaled $36 billion in 2019. Though, XRP is not suitable for the Mexican market but is the right solution in the African market where Intermex has achieved a good response.
XRP mounting its remittance corridors
Tony Lauro, the chief financial officer of the company, commented, the company, to begin testing the feasibility of XRP as a bridge currency later this year. He stated that the company is looking at XRP for a couple of other products.
The first product will be RippleNet, a core of Ripple that connects financial institutions. This enables the onboard new payers to pay fast than what the company was doing direct connects.
Bob Lisy, the CEO of Intermex, notified that the company is honored to use Ripple’s exclusive payment solutions in emerging markets where there are less efficiency and liquidity. Adding to this, Lisy stated that combining with XRP will bring growth for the company in the newer market places where Intermex is exploring participating in additional products.
But it will not be much helpful in the core business as those are very critical where the company differentiates itself with the market.
Launched in late 2018, Ripple’s XRP product is known as On-Demand Liquidity (ODL). MoneyGram is the largest user of ODL. The ODL service depends on XRP as a real-time bridge between the transfers of currencies to make cross border payments.
Recently, Ripple partnered with DeeMoney, which is the Thailand-based money exchange and transfer service gateway.