FinTech: InterMex To Use Ripple’s ODL Solution For Cross-Border Transactions
Ripple’s On-Demand Liquidity (ODL) solution is part of RippleNet.
International Money Express, Inc. (NASDAQ: IMXI), a cross-border remittances and payment services company operating primarily in Latin America and the Caribbean, announced its partnership with Ripple, the provider of enterprise blockchain solutions for global payments. (CrowdFundInsider)
Ripple, a fintech based in San Francisco, provides an On-Demand Liquidity (ODL) product, through RippleNet, the company’s global network of financial institutions. This network sends money globally, instantly, and reliably at an extremely low cost. It uses XRP, the world’s third-largest digital asset by market cap, to conduct cross-border transactions.
The fintech confirmed the arrangement with Intermex in a Tweet.
International Money Express, Inc.
Customers of Intermex in the United States send money to 17 countries in Latin America and the Caribbean. These electronic remittances also go to Mexico and Guatemala, and four countries in Africa. Founded in 1994, Intermex is headquartered in Miami, Florida.
“Intermex is one of the largest U.S. to Mexico remitter service providers in the world—processing more than 30 million payment transactions a year through a network of 100,000 payer locations,” says Ripple.
Mexico, therefore, accounts for a large chunk of the company’s business. Moreover, according to one estimate, recipients in Mexico collected over $36 billion in remittance payments in 2019. The Ripple and Intermex tie-up will allow these payments to be much faster, cheaper, and more transparent for their users.
“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,” said Bob Lisy, CEO of Intermex.
Announcement boosts XRP, Ripple’s digital currency
After the announcement by Intermex on February 4, the price of the XRP cryptocurrency reportedly jumped by more than 10% within 24 hours.
Meanwhile, according to Crypto-News-Flash, the transaction volume on Ripple’s ODL network has jumped 390% quarter-on-quarter. Also, the remittance volume on the corridor to Mexico reached a new all-time high a few days ago.
Related Story: FinTech: Ripple Targets SWIFT in Brazil
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