On Ripple news today, the world’s third-largest cryptocurrency by market cap, Ripple has declared a new partnership with UK remittance firm Xendpay. The UK remittance firm Xendpay is enlisting with other well-known companies that are already utilizing Ripple’s product across their payment services, such as Standard Chartered Bank, American Express MoneyGram to mention a few. The partnership as gathered from Ripple news update will permit the firm entry into new markets like the Bangladesh, Malaysia, Vietnam, Philippines, Thailand, and Indonesia. Xendpay announced the payment solution plan the new partners intend to use, the payment solution plan is dubbed Ripple’s flagship solution RippleNet, and this will link payment providers and over 200 banks for cross-border remittances.
Ripple’s support of Xendpay is a massive improvement for the crypto firm as additional acceptance of the Xendpay system will necessitate XRP tokens to make remittance easier. In a recent Ripple price prediction, Ripple investors should anticipate a bullish price movement and long-term growth of the Ripple trading value. Ripple price analysis shows that presently Ripple’s XRP is valued at $0.27, this is a 2.5% increment from the previous trading price.
Going by the Ripple news update, the Xendpay’s Head of Product Innovation, Bhavin Vaghela stated in the announcement “When we sent Thai Baht, it took 3 to 4 days for the payment to be processed. Thanks to RippleNet, a customer in Germany can log onto our platform at 3 AM on a Sunday 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.” In a previous ripple news update, RippleNet supports currencies that were formerly unreachable to the remittance firm. Lesser currencies comprising the Bangladeshi taka or Malaysian ringgit once necessitated Xendpay to develop local banking partnerships. He stated, “Previously we had to create a whole business case for each partner, RippleNet reduces that complication and friction.”
According to Vaghela, the majority of Xendpay customers are immigrants who send remittances back home to give to their families’ utility, education, and medical expenses. In June, Ripple declared it was adding “an average of two to three new financial institutions to RippleNet each week.” Xendpay is a money transfer platform that is common among immigrant societies as it permits them to send home funds while, critically, allowing them to relinquish transfer fees through its “Pay What You Want” service.