Ripple, the firm behind the third largest cryptocurrency XRP, has made a new partnership to bolster cross-border payments between the United States and Mexico.
The company has partnered with International Money Express, a money remittance services firm focused on the Latin and Caribbean corridor. Also known as Intermex, the new financial partner of Ripple is listed on the Nasdaq stock market with the stock quote IMXI.
The new partnership could enable Intermex to implement Ripple’s On-Demand Liquidity (ODL) product through RippleNet, the company’s global payment network connecting financial institutions. RippleNet’s ODL relies on the digital asset XRP as a real-time bridge between the sending and receiving of currencies to enable faster and cheaper cross-border transactions.
As such, Intermex, which is reportedly processing more than 30 million payment transactions annually, intends to provide its customers with faster, cheaper and transparent cross-border payments between the U.S. and Mexico. According to data from the World Bank, Mexico is one of the largest remittance recipients after India and China, having operated $36 million in remittance flows in 2019.