Cuallix Uses Ripple for Cross-border Payments from the US to Mexico

Ripple announced today that Bexs Banco, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK, and TransferGo, among others, have joined RippleNet. Now more than 100 financial institutions, including banks, Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term providers and more, use Ripple’s Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology.

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“xVia allows us to tap into RippleNet to send make international cross border payments instantly on behalf of our international corporate clients seamlessly and efficiently bringing much needed benefit to their working capital cycle,” said Khalid Talukder, Chief Revenue Officer at IFX.

“Global payments are undeniably going through a sea change, led by financial institutions adopting blockchain to fix their customers’ broken payments experience,” said Brad Garlinghouse, CEO of Ripple. “Now more than 100 financial institutions are looking to Ripple as the solution to the problem. Updating their payments infrastructure with Ripple has become the equivalent of a retailer choosing to build an e-commerce business in the year 2000 — it’s a no brainer.”

Mexican micro-payments

Cuallix became the first worldwide institution to use xRapid — Ripple’s solution that utilizes XRP as a liquidity tool — to reduce the cost of sending cross-border payments from the US to Mexico. “Our business — and our customer’s livelihood — depends on our ability to send micro-payments easily and quickly to Mexico. With xRapid, we can source liquidity through XRP and complete the cross-border payments in seconds," commented the company

Last month Ripple announced the expansion of its global footprint with a new office in Singapore.