International remittance firm Xendpay has joined the roster of companies that are using RippleNet, the remittance network created by Ripple Labs.
This partnership is viewed by the UK-based company as a game-changing opportunity to enter new markets.
Easier, faster, cheaper
Xendpay was founded in 2012 to deliver cheap money transfers across the globe. However, some exotic fiat currencies, such as the Bangladeshi taka, couldn’t be supported by the firm without inking deals with local banks.
The firm will now be able to significantly speed up this process with the RippleNet ecosystem, which boasts more than 200 banking partnerships.
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,” Bhavin Vaghela, Xendpay’s Head of Product Innovation.
The growing ecosystem
Back in July, Chilean remittance company CurrencyBird also joined forces with RippleNet to support new currencies and offer cheaper prices. This came on the heels of Ripple buying a hefty stake in money transfer giant MoneyGram.
Meanwhile, Spanish banking heavyweight Santander has started using Ripple’s proprietary software.