Xendpay joined RippleNet To Expand the Service of International Transactions
According to the statement, published on Aug, 21, RippleNet will allow Xendpay to provide services on money transferring using different currencies. Xendpay will use pre-existing net of banks and other Ripple’s partners.
Earlier Xendpay had problems with transferring in foreign markets any currency besides dollars. Offering a smaller currency involved establishing of direct partnership with local banks and other financial partners of Ripple.
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
Bhavin VaghelaXendpay’s head of product innovation
According to Vaghela, most Xendpay customers are migrants who send remittances home to pay for housing costs, utilities, medical care and education of their families.
In June Ripple announced that it added in average ”2-3 new financial institutions at RippleNet every week”. Moreover, at the beginning of this year, RippleNet counted more than 200 customers worldwide.
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