UK-Based Remittance Firm Partners with Ripple to Enter New Markets

Distributed ledger startup Ripple has included a new client to its worldwide settlements platform, RippleNet.

UK-based remittance company, Xendpay, revealed a collaboration with Ripple that permits the firm to enter new markets such as Bangladesh, Philippines, Vietnam, Indonesia, Malaysia, and Thailand.

As per a statement posted Thursday, RippleNet supports currencies that were earlier inaccessible to the remittance firm. So-called “smaller currencies,” including the Malaysian ringgit or Bangladeshi taka, previously required Xendpay to make local banking collaborations.

“Previously we had to create a whole business case for each partner,” said Bhavin Vaghela, head of product innovation of Xendpay. “RippleNet reduces that complication and friction.”

The larger part of Xendpay clients are migrants who send remittances back home to support their families’ lodging, utility, medical and education costs, according to Vaghela.

In June, Ripple asserted it was including “an average of two to three new financial institutions to RippleNet each week.” Furthermore, RippleNet surpassed 200 clients worldwide earlier this year.