Xendpay, a UK established remittance firm, declared an association with Ripple that enables the firm to enter new markets like Bangladesh, Malaysia, Vietnam, Philippines, Indonesia, and Thailand.
Xendpay is joining with other prominent organizations that are as of now utilizing Ripple’s product over their payment services like Standard Chartered Bank, MoneyGram, American Express, and few others. Xendpay stated that the payment solutions it intends to use, in particular, is Ripple’s flagship product RippleNet, which interfaces more than 200 banks and payment service provider for suppliers for international remittances.
As per the recent announcement, RippleNet mainly supports currencies that were not accessible to the remittance firm previously. Moreover, Xendpay was required to form a banking partnership with local banks for smaller currencies, which includes the Malaysian ringgit or Bangladeshi taka.
“As traveling to and working in other countries has become easier, people are also increasingly more comfortable with transferring money digitally.” Read how #RippleNet helps @Xendpay open new markets and offer competitive rates. https://t.co/R07F0QrElh pic.twitter.com/n92onAWHrW
— Ripple (@Ripple) August 21, 2019
Most of the Xendpay clients are expatriates who send payments back home to provide their families utility, housing, education, and medical costs, as indicated by Vaghela.
“Most of our customers are migrants who are sending money back home,” explained Bhavin Vaghela, Xendpay’s Head of Product Innovation.
This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees, and education costs. Being an online service allows us to reduce our overheads and pass the savings on to these clients, for whom every penny counts.
Xendpay is well known in nations with established and developing migrant population, which includes the U.K., Canada, Europe, India, and South Africa. Other clients are students expecting to pay education costs and receive funds from taking care of their living expenses, and small online organizations that purchase and sell goods from different nations.
Trouble Associated with Transferring Payments
Even though the flexible charges draw in new clients, the trouble associated with transferring something besides U.S. dollars to a few new countries posed a considerable problem for Xendpay. Moreover, Managing in smaller currencies required direct association with local banks and the maintenance and set up of complicated API game plans for each one of the banks. Utilizing RippleNet to associate with a powerful network of partners has demonstrated to be a basic answer to this issue.
Xendpay’s Solution to the Problem
Although Xendpay had a locally established partner, the exchanges took several days to complete. With RippleNet, the lengthy cross-border payments are occurring continuously. Xendpay plans to keep opening new centers by empowering international workers, small businesses, and students to transfer cash inexpensively and effectively. The organization has recently launched services to Africa, which includes high-value payment markets like Nigeria, Kenya, South Africa, and Ghana.
Ripple provides uncomplicated experience to send cash internationally by utilizing the power of blockchain. By partnering with Ripple’s developing, worldwide system (RippleNet), financial foundations can process their client’s payments anyplace on the globe instantaneously, genuinely, and cost-effectively. Ripple has workplaces in New York, San Francisco, London, Sydney, Mumbai and Singapore, and moreover, Ripple has more than 200 clients around the globe.