Ripple Collaborates with International Money Express to Strengthen US-Mexico Remittance System
Ripple, whose native crypto XRP is the third largest by market cap, has entered into a collaboration to boost trans-border payments between the US and Mexico. The company has associated with International Money Express, a money transfer services provider centered on the Latin and Caribbean passage.
International Money Express (or Intermex), the latest financial associate of Ripple, is traded on the Nasdaq stock market under the ticker IMXI.
In particular, the latest collaboration will facilitate Intermex to adopt Ripple’s On-Demand Liquidity (ODL) product via RippleNet, the firm’s international payment network linking financial organizations.
RippleNet’s ODL depends on the digital asset XRP as an instant bridge between the transmission and reception of currencies to facilitate quicker and cost-effective cross-border trades.
Consequently, Intermex, which handles over 30 million payments per year, aims to offer its clients with quicker, cost effective and open trans-border payments between the US and Mexico.
As per data from the World Bank, Mexico is one of the biggest payment receivers after India and China, having handled $36 million in payments in 2019.
By collaborating with Intermex, Ripple is widening its existence in Mexico’s huge money transfer market as the enterprise is already offering its ODL facility to the world’s second-biggest money transfer enterprise, MoneyGram International.
Notably, since August 2019, ODL platform and XRP crypto has been a division of MoneyGram’s operations.
Back in November 2019, MoneyGram CEO Alex Holmes supposedly stated that 10% of his company’s operations between the US and Mexico was run through Ripple’s ODL.
Furthermore, Ripple CEO Brad Garlinghouse asserted that MoneyGram employing XRP was a greater initiative than Facebook’s stablecoin venture Libra.
Last December, Ripple amassed $200 million in a new financing round, asserting that the investment underlined a milestone for the commercial operations and its “strongest year of growth to date in 2019.”