Intermex Ripple Partner To Test XRP For Cross-Border Payments

Intermex, a long-standing Ripple partner specializes in payments in the United States and just joined Ripple’s cross-border payments networks. In the latest earnings call, the remittance provider processes more than 30 million transactions per year and now plans to leverage Ripple’s services as per the XRP news.

While the Intermex company doesn’t plan to use Ripple’s technology in its first defense line between Mexico and the US, the chief financial officer Tony Lauro stated that the company expects to begin testing XRP’s viability as a bridge currency later this year.

 “We’re looking at Ripple for a couple of other products which I think we mentioned in the press release. The first of which is RippleNet, which is their hub connecting financial institutions together, which will enable us to onboard new payers faster than we would if we were doing direct connections to each one.

So that has more applicability for us outside of Mexico, where we’re building out our network into other corridors. But the other would be on-demand liquidity, I think that might be more of what you’re talking about, where we can use XRP as kind of a pivot currency to swap US dollars for pesos, 24/7.
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And it’s early days, but we would expect to be testing that later this year.”

The CEO of Intermex Bob Lisy believes that the company will utilize the Ripple payment system in the emerging markets where there are less liquidity and efficiency:

 “I think it will bring us more growth in newer markets in places where we’re exploring going into ancillary products, but probably not in our core business because those are really critical where we differentiate ourselves from others, because of the kind of volume we drive and the relationships we’ve built over the years with direct relationships.’’

XRP will not be an answer for places such as Mexico so Intermex was very proud of the new relationships that they built there. Intermex is quite happy for the tight relationships and even set plans for their future payers:

‘’And so you won’t really see us leveraging Ripple in our core markets.’’

Ripple’s XRP-based remittance system known as the On-Demand liquidity which was launched in 2018. MoneyGram is one of the biggest ODL users and about 10 percent of the transactions in the US-Mexico corridor use the technology.