Ripple is working on solving the problem of slow and expensive cross-border payments
Ripple partnered with International Money Express (Interex), a leading money remittance services company focused primarily on Latin America and the Caribbean corridor. This way, Intermex will leverage RippleNet for faster, transparent cross-border remittance services between the UA and Mexico.
Intermex is claimed to be one of the largest US to Mexico remitter service providers worldwide. It’s processing more than 30 million payment transactions per year through a network of 100,000 payer locations. The partnership enables Intermex to settle key currencies, reducing costs and providing transparency to its customers.
Other financial institutions are also working in partnership with Ripple to provide global payment solutions. For instance, MoneyGram is using RippleNet’s On-Demand Liquidity (ODL) service. It relies on the digital asset XRP as a real-time bridge between the sending and receiving currencies.