To expand and support transnational money transfers, Xendpay joins Ripple’s global network. In an official announcement by Ripple, the Xendpay users will be able to transfer money in currencies along with USD too.
According to the press release, Xendpay will have excess to the existing infrastructure of RippleNet. It would include the support of financial institutions like banks and money transfer facilitation partners.
The Xendpay users could not transfer any other form of currency apart from USD in transnational transactions. To make the payments in any other currency, the platform has to create a new business case. Such a set up with local banks added complexities of international money transfers and added to the cost of the transfer. As per Xendpay’s head of product innovation, Bhavin Vaghela, integration with RippleNet will allow faster and efficient transfers. Bhavin also added that with RippleNet XendPay will be able to penetrate the market faster with its built-in trust factor.
Ripple’s Network has grown across 40 countries and has over 200 consumers. With such a vast payment network Ripple has become very cost-effective for smaller currencies.
Bhavin stated that the traditional channels took them 3-4 days to transfer Thai Bhat. But with the use of RippleNet almost 90% of the Bhat payments are getting processed within 10 minutes. With the RippleNet integration, XendPay opens up newer payment processing services to Bangladesh, Malaysia, Philippines, Vietnam, and Indonesia. The same will support real-time payment rails to Thailand. Xendpay is already a popular transnational payment service provider across the globe. It has lots of clients in the U.K., Europe, Canada, South Africa and India where the number of migrants is increasing.
