UK remittance firm Xendpay is joining other big companies that are already using Ripple’s product across their payment services – MoneyGram, Standard Chartered Bank, American Express, and many others.
Xendpay revealed what payment solution it plans to adopt, namely Ripple’s flagship solution RippleNet, which connects over 200 banks and payment providers for cross-border remittances.
“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 3AM 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,” said Bhavin Vaghela, Xendpay’s Head of Product Innovation.
Started by Rajesh Agrawal in 2012, Xendpay is a remittance service that aims to deliver money transfers to more than 200 countries with cheaper rates than the industry average.
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Ripple invests $30 million in MoneyGram
Ripple is already developing several blockchain-based solutions that enable cross-border money transactions between banks in a faster and cheaper way than the current systems allow.
The San Francisco-based startup has invested $30 million in global money transfer company MoneyGram. The move is significant because the arrangement also involves a partnership to use of XRP, Ripple’s digital currency, as part of MoneyGram’s cross-border payment process.
MoneyGram customers making payments on its international platform already have access to Ripple’s enterprise solution, which enables real-time FX settlement through its cryptocurrency, XRP. xRapid will become a feature in Ripple’s partnerships with banks and other financial companies further down the line, as it gives these institutions the ability to unlock liquidity and access multiple corridors with one pre-funded originating account.
The pilot run will see MoneyGram using XRP to introduce blockchain-enabled cross-border payments. MoneyGram will tap Ripple’s on-demand liquidity product, xRapid, to make blockchain payments commercially available, reducing the time and cost of settlement, while maintaining the level of security.