Xendpay, a money transfer service, has become the member of RippleNet, a platform facilitating cross-border transactions. RippleNet enables Xendpay to offer money remittance services in fiat currencies other than the US dollar.
Xendpay will utilize Ripple’s prevailing network of banks and financial associates to enable money transfers through different kinds of currency, for instance Ripple’s native currency XRP.
Xendpay earlier had issues in offering such facilities for low liquid currencies. Offering a non-major currency involved setting up straightforward collaborations with domestic banks and also dealing with cumbersome application programming interfaces (APIs).
Bhavin Vaghela, Xendpay’s Head of Product Innovation, stated as follows:
“Previously we had to create a whole business case for each partner […] RippleNet reduces that complication and friction. There’s a built-in trust factor, which allows us to get to market quicker.”
Vaghela also highlighted that Ripple is considerably quicker at moving even low liquid currencies. 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 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.”
Notably, at the beginning of this year, RippleNet had more than 200 members across 40 countries trialing its payment network.
