Ripple’s Array of Partners Expands as Xendpay Joins RippleNet

UK remittance firm Xendpay is joining other big companies that are already using Ripple’s product across their payment services – MoneyGram, Standard Chartered Bank, American Express, and many others.

Xendpay revealed what payment solution it plans to adopt, namely Ripple’s flagship solution RippleNet, which connects over 200 banks and payment providers for cross-border remittances.

“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 3AM on a Sunday morning and the money will be in their beneficiary’s bank account in Thailand within an hour. More than 90 percent of our recent 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 to Thailand over RippleNet have been delivered within 10 minutes,” said Bhavin Vaghela, Xendpay’s Head of Product Innovation.

Started by Rajesh Agrawal in 2012, Xendpay is a remittance service that aims to deliver money transfers to more than 200 countries with cheaper rates than the industry average.

Ripple invests $30 million in MoneyGram

Ripple is already developing several 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-based solutions that enable cross-border money transactions between banks in a faster and cheaper way than the current systems allow.

The San Francisco-based ‎startup has invested $30 million in global money transfer company MoneyGram. The move is significant because the arrangement also involves a partnership to use of XRP, Ripple’s digital currency, as part of MoneyGram’s cross-border payment process.

MoneyGram‎ customers making payments on its international platform already have access to Ripple’s enterprise solution, which enables real-time FX settlement through its cryptocurrency, XRP. xRapid will become a ‎feature in Ripple’s partnerships with banks and other financial companies ‎further down the line, as it gives these institutions the ability to unlock ‎liquidity and access multiple corridors with one pre-funded originating ‎account.‎

The pilot run will see MoneyGram using XRP to introduce blockchain-enabled ‎cross-border payments. MoneyGram will tap Ripple’s on-demand liquidity product, ‎xRapid, to make blockchain payments commercially available, reducing the time ‎and cost of settlement, while maintaining the level of security. ‎