- Ripple’s new partner International Money express Inc. is one of the largest US to Mexico cross-border payments providers
- In the $36 billion Mexico remittance market, the US tops the list for funds flowing in.
Ripple Bags Another Partner Intermex for Latin America and Caribbean Corridor
Ripple has partnered with yet another superior money remittance services company International Money express Inc. (Intermex) to enable faster cross-border payments between the US and Mexico.
To change this, Ripple has joined hands with Intermex (International Money Express Inc), who makes the Caribbean and South America regions, that are known areas for high foreign transfer fees and costly delays, their main focal point. This new alliance between the two companies will allow more leverage in cross border payments, making them more transparent between Mexico and the US.
Focusing on the US to Mexico Corridor
At the 3rd highest remittance clients is Mexico, recording $36 billion in payment flows last year alone, as per World Bank. With the highest incoming flow to the region is the US also topping the list.
And Intermex is one of the largest US to Mexico service providers of payments, processing over thirty million payments through a network of hundreds of thousands of locations to collect per year. By joining RippleNet, Intermex can settle key currencies and match the timing of funding with its all the requirements.
MoneyGram already got the wheels moving
Ripple is already catering to this corridor through its partnership with MoneyGram and seeing “tangible” results. The second-largest payment provider joined Ripple last year and is using its On-Demand Liquidity service that leverages XRP as a viable link for transmitting and obtaining currencies to allow “even faster and cheaper cross-border transactions.”
In just 6 months of implementing ODL, MoneyGram started moving 10 percent of its transactional volume to the US and Mexico and further plans to use their service into four more corridors this year.
ODL expansion in more corridors in progress
In its latest blog, Ripple mentions that since the commercialization of ODL, they have been seen “significant growth and customer interest with two dozen customers signed on to use the product.”
Apart from MoneyGram, FlashFX, Viamericas, and goLance are using ODL. Currently, this service is available in these regions including USD-PHP, PHP, and USD-MXN and from AUD-USD EUR-USD with more paths across APAC, EMEA, and LATAM in progress for 2020.