UK-based remittance firm Xendpay has tapped Ripple’s enterprise blockchain network RippleNet to expand into new markets.
Through the partnership, Xendpay will gain access to the Philippines, Bangladesh, Malaysia, Vietnam, Indonesia, and Thailand.
The use of RippleNet has been triggered by Xendpay’s need to make cross-border transactions in smaller currencies, which previously called for direct partnerships with local banks and complex API arrangements.
Xendpay head of product innovation Bhavin Vaghela said: “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. We were unable to offer currencies like Malaysian Ringgit or Bangladeshi Taka before.
“Now that it’s easier to connect with local partners, we can provide our clients with more local currencies and, therefore, see new growth in those corridors.”
Moreover, previously, cross-border payments took a long time even if Xendpay had a local partner. On the other hand, RippleNet will support real-time cross border transactions.
Vaghela added: “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.”
Currently, Xendpay has a presence in the UK, Europe, Canada, South Africa, and India.
Its Pay What You Want feature enables customers and businesses to waive fees on yearly transfers of nearly $2,500 and $5,000, respectively.