Ripple is still undefeated when it comes to cross border remittance. In a press release, the company announced the addition of a new partner to use its services for cross border payments. Xendpay, a London based remittance firm is the latest addition to the RippleNet family. The firm partnered with Ripple to use the cross border payment service it offers.
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Xendpay Aims to Access a Larger Market
This move will allow the remittance firm to serve its customers better. It means they would be able to access a larger market including many areas including Malaysia, Bangladesh, Vietnam, the Philippines, Indonesia, and Thailand.
Xendpay’s Head of Product Innovation, Bhavin Vaghela said,
“Most of our customers are migrants who are sending money back home…This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees and education costs. Being an online service allows us to reduce our overheads and pass the savings on to these clients, for whom every penny counts.”
The firm’s executives believe that the move will benefit the customers more since they will be able to send money home with ease in a matter of minutes as opposed to days. The partnership with Ripple is the only way this could have been achieved.
Vaghela also commented on the effect it could have on business. He said,
“When we sent Thai Baht, it took 3 to 4 days for the payment to be processed…Thanks to RippleNet, a customer in Germany can log onto our platform at 3 AM on a Sunday morning and the money will be in their beneficiary’s bank account in Thailand within an hour. More than 90 percent of our recent payments to Thailand over RippleNet have been delivered within 10 minutes.”
Xendpay Service Allows Users To pay What They Want
Customers of Xendpay can benefit from this service because it offers low costs and decent FX rates. Also, the company has a “Pay What You Want” offering that waives fees on transfers over $2500. This feature is also available for business owners. However, it has a higher waive fee of $5,000 per calendar year. This latest partnership will make the company’s service even better since the user does not need to wait for days for the transfers to be processed.
Xendpay Joins a Multitude of Other Companies using RippleNet
Recently, Santander announced a collaboration with Ripple to ease the process of cross border remittance in South America. Xendpay has also joined the raft of firms using the Ripple protocol to process cross border payments. Some other notable collaborations with Ripple include Cuallix, Mercury FX and more.