Ripple and Xendpay partner for cross-border payments

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more

  • Ripple has announced Xendpay as another new partner for money transfer powered by decentralised blockchain technology
  • It is expected that Xendpay will use the system for faster payments to Asian markets
  • “More than 90 percent of our recent payments to Thailand over RippleNet have been delivered within 10 minutes”, said Xendpay spokesperson, in a sign of fast payment turnaround times

Major blockchain payment settlement system Ripple has announced yet another partnership for its online money transfer projects.

Ripple said that it would now be working alongside Xendpay, which is a remittance company based in London. 

Xendpay will now join RippleNet, which is a network of banks and financial services firms which are signed up to enable faster, blockchain-powered payments.

The main benefit for the firm will be that it can now reach customers who want to send money home in many markets, including plenty in Asia – like Indonesia, Bangladesh and Vietnam.

It is understood that there will be a significant time saving for customers in this position too. 

It is believed that some transactions, even those which cross continents, will be able to be settled within an hour or so. 

Xendpay confirmed that over 90% of transactions made using RippleNet to Thailand, a key market for the firm, were confirmed as received in under ten minutes. 

Xendpay is a growing firm, and it markets itself on cost grounds. It removes fees on transfers that are over $2,500 in value for example.

According to Xendpay’s Head of Product Innovation, Bhavin Vaghela, the main clientele of the service will be those who return money to their parents.

“Most of our customers are migrants who are sending money back home”, he said. 

“This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees and education costs. Being an online service allows us to reduce our overheads and pass the savings on to these clients, for whom every penny counts.”

He outlined in detail just how effective the partnership would be in terms of speed.

“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 morning and the money will be in their beneficiary’s bank account in Thailand within an hour”, he said. 

“More than 90 percent of our recent payments to Thailand over RippleNet have been delivered within 10 minutes.”

Ripple has been growing its partnership base in recent months. It recently said, for example, that it would work alongside Santander to provide similar benefits for those who bank in Latin America. 

With many institutions now signed up to Ripple, it is widely considered to be one of the prime money transfer methods of the future.

To find out more about what firms like Ripple are doing to ensure that customers get the fastest possible money transfer times, check our news section.


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