Ripple has onboarded a new partner to its RippleNet platform – Xendpay. The company is based in the UK and provides remittance services. The new partnership allows Xendpay to join international markets such as Malaysia, Vietnam, Bangladesh, Indonesia and other.
Xendpay was created in 2012 with the main purpose of transferring money in a cheap way all around the world, The problem was that Xendpay did not support more exotic currencies, hence the partnership with RippleNet will allow the company to expand its services internationally and support many other, previously inaccessible currencies.
This is what the Head of Product Innovation at Xendpay said regarding the new partnership:
Previously we had to create a whole business case for each partner […] RippleNet reduces that complication and friction. There’s a built-in trust factor, which allows us to get to market quicker.
In addition, by joining RippleNet, Xendpay will not have to form separate local banking business partnerships, as it is usually the case when more exotic currencies are not accessible to a remittance company.
According to press, most of Xendpay’s customers are migrants who send money back to their families and loved ones in their respective countries.
What is even more amazing is the network RippleNet has created – more than 200 partners worldwide. Recently, Ripple announced that it aims to onboard around 3 new financial institutions as clients each week.
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