A top remittance firm that focuses on settling transactions between the Latin America and Caribbean global corridors has announced that it is joining Ripple to utilize the blockchain firm’s On-Demand Liquidity product.
As Ripple continues to make inroads in its mission to facilitate fast and low-cost remittance across the world with blockchain technology, the latest update that International Money Express, Inc, the largest provider of US to Mexico remittance service, is now a part of Ripple’s customers is a big one for the San Francisco-based company.
As said in a release, Intermex has been onboarded as part of RippleNet members utilizing Ripple’s On-Demand Liquidity (ODL).
Intermex has a network of 100,000 payer locations, and it processes over 30 million payment transactions. Via the partnership, Intermex will begin to utilize Ripple’s ODL product to foster its transactions between the United States and Mexico, hence the company would use XRP in settling transactions.
With the use of XRP, Ripple claims banks and remittance providers do not need to prefund account in performing international payments.
According to the release, XRP is the most resourceful digital asset used for settling transactions at fractions of a penny.
While commenting on the partnership, the CEO of Intermex, Bob Lisy, said the company looks forward to building a greater empire with Ripple solution.
“We are pleased to have begun the partnership with the Ripple team, and look forward to implementing new solutions on RippleNet and ODL to help drive growth and deliver greater efficiency,” Lisy stated.
Intermex allows customers to send money internationally from the US to 17 countries in Latin America and the Caribbean as well as some four African countries.
The company was founded in the year 1994 and it has its headquarter in Miami, Florida with branch offices in Puebla, Mexico, and Guatemala City, Guatemala.
Recently, XRP liquidity within the Mexican and Philippine corridor has been on the rise. With the latest announcement, more growth may be on the way.