The RippleNet partnership will help further Xendpay’s reach to markets in countries such as the Philippines, Bangladesh, Malaysia, Vietnam, Indonesia, and Thailand.
The London-based firm have set an initiative of helping millions of people send money abroad and even allows its customers to waive their fees with a ‘Pay as you want’ service‘. Bhavin Vaghela, the head of production innovation at Xendpay explained how their product helps its customer base.
‘Most of our customers are migrants who are sending money back home…’ ‘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.’
The RippleNet partnership will make some of the ‘smaller currencies’ accessible to Xendpay and its customers, such as the Bangladeshi Taka and the Malaysian Ringgit. This also means that Xendpay will be able to circumvent local banking partnership agreements that were required previously.
Vaghela noted how the partnership has reduced the complication and friction when dealing with the extended marketplace. ‘Previously we had to create a whole business case for each partner.’
According to Ripple, two to three new financial institutions are being added to RippleNet each week and the firm now have a global client base of over 200 and growing.