Blockchain-powered fintech company Ripple has announced a partnership with online money transfer service Xendpay. The partnership includes Xendpay joining RippleNet, Ripple’s network of banks and payment providers which can transfer money between each other with the help of Ripple’s technology.
The partnership opens up multiple corridors to South East Asia for the UK-based Xendpay, namely Bangladesh, Malaysia, Philippines and Vietnam. In addition, it enables real-time payment rails for transfers to Thailand.
Xendpay head of product innovation Bhavin Vaghela says the company is already seeing substantial benefits after joining RippleNet:
“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.”
Xendpay’s business is primarily focused on migrants who are sending funds to their home countries. The company has a feature called Pay What You Want that gives users the option to waive a portion of their transfer fees.
Ripple’s post about the partnership with Xendpay does not mention xRapid, the product that uses XRP as a source of liquidity for cross-border transfers. However, Ripple is still actively pushing for XRP adoption, particularly through its multi-million dollar investment in remittances firm Moneygram.