Money transfer service Xendpay has joined Ripple’s global network RippleNet to support international transactions.
Going beyond the U.S. dollar
Ripple announced the news on Aug. 20. Per the news release, RippleNet will allow Xendpay to provide money transfer services beyond the United States dollar. Xendpay will use Ripple’s pre-existing network of banks and other financial partners to facilitate money transfers via other forms of currency — especially Ripple’s XRP.
New capabilities with RipplePay
As stated in the announcement, Xendpay previously had trouble transferring anything other than dollars in foreign markets. Offering a smaller currency involved establishing direct partnerships with local banks as well as dealing with complicated application programming interfaces. Bhavin Vaghela, Xendpay’s head of product innovation, commented:
“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.”
Vaghela also noted that Ripple is much faster at sending smaller currencies, saying:
“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.”
Ripple’s growing network
As reported by Cointelegraph, RippleNet’s payment network boasted more than 200 members in 40 countries at the beginning of 2019.