Xendpay Joins RippleNet to Ease Cross-Border Money Transfer
August 23, 2019 – To support international transactions, Xendpay has announced a partnership with Ripple, joining the blockchain company’s global transaction network RippleNet.
London-based Xendpay is an online service that provides competitive rates for money transfers across borders. Through its “Pay What You Want Option”, customers can even waive fees. Xendpay now partners with Ripple and has joined RippleNet to open up new remittance corridors to the following countries:
The partnership also allowed real-time payment rails to Thailand.
Sending money is expensive for companies who do it and to the users that send and receive money. Not to mention the days it takes for a transfer to happen if this is done via bank transfer. Popular in countries with growing migrant communities like the UK and Canada, Xendpay includes as customers students “needing to pay tuition fees” and small online businesses who “buy and sell goods from other countries”. As an online service, Xendpay says this allows them to reduce their overheads and “pass the savings to clients, for whom every penny counts”.
Through the partnership, Xendpay will be using Ripple’s existing network of banks and financial partners to enable cross-border money transfer via other currencies but most especially XRP. This saves Xendpay the problem of offering services with smaller currencies as they have trouble in finding a partner. According to Xendpay’s Head of Product and Innovation Bhavin Vaghela, in the past, they have to create a business case for each partner. With RippleNet, complication and friction are reduced because:
“….there’s a built-in trust factor, which allows us to get to market quicker. We were unable to offer currencies like Malaysian Ringgit or Bangladeshi Taka before. Now that it’s easier to connect with local partners, we can provide our clients with more local currencies and, therefore, see new growth in those corridors.”
Xendpay now plans to continue opening new remittance corridors. It recently launched in high-value remittance markets such as Kenya and South Africa.
This article is first published on BitPinas: Xendpay Joins RippleNet to Ease Cross-Border Money Transfer
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