London-based remittance company Xendpay has signed up for cross border payment startup Ripple’s global settlement platform, RippleNet, according to a press release issued today.
Joining RippleNet will apparently grant Xendpay access to a larger market—including customers in Bangladesh, Malaysia, the Philippines, Vietnam, Indonesia, and Thailand.
“Most of our customers are migrants who are sending money back home,” Bhavin Vaghela, Xendpay’s Head of Product Innovation, said in the release. “This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees and education costs. Being an online service allows us to reduce our overheads and pass the savings on to these clients, for whom every penny counts.”
Xendpay executives claim that RippleNet, with its network of global banking partners, makes transacting across borders easier.
“When we sent Thai Baht, it took 3 to 4 days for the payment to be processed,” explained Vaghela. “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.”
Xendpay joins a raft of others using Ripple’s proprietary software, among them Santander, Cuallix, and Mercury FX.