As part of a commercial alliance between Ripple and Intermex, a series of solutions could be enabled to help send remittances and international financial operations between the United States and Mexico.
Recently, the executives of Ripple, one of the startup companies with the third most commercial cryptocurrency in the world, announced the intention of strengthening the relationship with their clients in Mexico and develop solutions to cross-border payments between the United States of America and said Latin American country.
As part of Ripple’s plans, the company achieved an alliance with the International Money Express company, also known as Intermex, to make possible this remittance option. Intermex is known for being one of the companies dedicated to sending remittances. The services they provide manage to be one of the most important and used in Latin America and the Caribbean.
For this market strategy, the company that focuses its services on South American users is listed on the Nasdaq stock market.
According to information recently revealed, the alliance will help the Intermex platform to use Ripple’s liquidity on demand (ODL) service, using, in this way, the payment network of the cryptographic company. RippleNet is a network that manages to interconnect several financial institutions.
The ODL is a support system designed by Ripple to use the XRP cryptocurrency as a real-time channel to receive and send payments with coins. This method makes possible cross-border financial operations to be carried out quickly and inexpensively.
Ripple Explores the Remittances Market as an Important Option
The remittance market has become an important source of business today where not only the fiat money has “had a life”, but also that the cryptocurrencies have been made with an important part of the market for its ease in the cheap and instant sending of the money.
Using cryptocurrencies, such as the one of Ripple to send remittances, is an option that avoids using intermediaries to conduct the transaction, making it safer. Undoubtedly, this new form of operating also avoids the payment of commissions for making international payments, saving considerably the sending of money.
In this way, Ripple has become one of the leading companies that have focused on facilitating the sending of remittances, thus supporting a market that results to be broad and dynamic, thanks to this technology.
In concrete data, the CEO of MoneyGram, Alex Holmes, explained, in November 2019, that more than 10% of remittances sent between the United States and Mexico are using Ripple ODL. This supposes an unquestionable and important presence in the market of remittance.
It is important to clarify that Ripple has begun to gain more strength in the remittance market between Mexico and the United States, as part of a strategy that seeks to increase its services in the largest cross-border shipping market in the world, a very important opportunity for Ripple, blockchain and all the cryptocurrencies to make safer and faster operations for their users.
By María Rodríguez