- Ripple acquires another partner Intermex as part of its goal to achieve faster and cheaper cross-border remittances.
Recently, Ripple published a blog post talking about realizing faster cross-border payments between the US and Mexico. As per the post, Ripple’s partnership with International Money Express, Inc (Intermex) is its most recent step towards achieving faster and cheaper payments.
Intermex executes money transfers in the US to Latin America and the Caribbean. With the help of RippleNet, the company is aiming to improve cross-border payments between the US-Mexico corridor. With about 30 million payment transactions a year across a network of more than 100,000 payer locations, Intermex stands out as a remittance provider between the two countries. The post stated:
“Through this partnership, Intermex will be able to settle key currencies and match the timing of funding with its settlement requirements reducing costs and providing transparency to their customers.”
A key reason to improve remittances to Mexico is that the country received an inflow of USD 36 billion in 2018 alone, making it the third-highest remittance receiver of that year.
Ripple is actively engaged with several other institutions in achieving apt solutions in the remittance area. MoneyGram is one such partner that leverages RippleNet’s ODL service for faster and cheaper transactions — in which XRP is used as a bridge for cross-border transactions and it provides real-time liquidity.
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