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Remittance Provider Powering 30 Million Transactions Per Year Joins Ripple Payments Network - YouTube
Channel: The Cryptocurrency News Portal
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hello folks you have reached the
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cryptocurrency portal and today we're
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gonna go over a little more information
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about ripple cos good news continues to
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come out about ripple you can see the
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headline here since remittance provider
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powering 30 million transactions per
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year joins the ripple payments Network a
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remittance provider that provides that
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processes more than 30 million
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transactions per year is joining ripples
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cross-border payments network
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it's enter max so in term X it which
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specializes in payments in Latin America
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and the Caribbean will utilize ripples
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payments technology to power remittances
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between the United States and Mexico now
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I have a few things to go over about
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intermec so bear with me first off
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here's a quote it says intermix is one
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of the largest United States to Mexico
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remit or services provider in the world
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processing more than 30 million payment
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transactions per year through a network
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of 100,000 payer in locations through
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this partnership intermix will be able
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to settle key currencies and match the
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timing of funding with its settlement
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requirements reducing costs and
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providing transparency to their
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customers ripple has not revealed
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whether eka whether intermix Mex will
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use XRP as a bridge currency to move
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money between the countries and a press
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release on the partnership the san
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francisco payments company highlights
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monograms use of the XR p in the
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corridor
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MoneyGram says 10% of its transactions
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between the united states and mexico are
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utilizing XRP all right so that's the
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first part about inter max this is from
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ripples website about intermix so they
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go into the little deeper enabling
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faster cross-border payments between the
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United States and Mexico so says sending
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global payments should be easy and
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cost-effective yet the underlying
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systems are complex and fragmented
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leading to high foreign transfer fees
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and costly delays together with our
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customers ripple is working to solve the
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ciao
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just was so inexpensive cross-border
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payments nowhere is this more important
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than remittance flows to low and middle
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income countries where the need for
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instant low-cost payments are a
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necessity it is an important step in
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changing the status quo ripple is
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thrilled to share a new partnership with
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International Money Express intermix
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which is traded on the on the Nasdaq as
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you can see their symbol as I M X I I am
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ex I there are leading money remittance
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services company focused primarily on
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the Latin America and Caribbean corridor
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the partnership will enable inter max to
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leverage ripple net for faster
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transparent cross-border remittance
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services between the United States and
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Mexico more remote than ever are sending
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money home to their loved ones through
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this corridor and according to the World
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Bank Mexico is the third highest country
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with remittance recent recipients 36
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billion dollars remittance flows in 2019
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with with the United States topping the
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list of countries with the highest
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inbound flow to this region in term X is
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one of the largest United States to
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Mexico emitter service providers in the
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world processing more than 30 million
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payment transactions a year through a
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network of 100 pair locations through
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this partnership intermix will be able
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to settle key currencies and match the
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timing of funding with its settlement
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requirements reducing costs and
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providing transparency to their
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customers other financial institutions
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are also working in partnership with
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ripple to provide global payment
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solutions across this important
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remittance corridor and seeing tangible
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results one way our customers are doing
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this is by leveraging ripples on-demand
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liquidity service which relies on the
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digital asset XRP as real-time bridge
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between the sending and receiving
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currencies to enable even faster and
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cheaper cross-border transactions in
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addition to enabling faster cheaper
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payment odl eliminates the need for
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financial institutions to pre-fund
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accounts in destination currencies
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freeing up capital and guaranteeing the
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most competitive FX
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braids available again freeing up
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capital this is they're referring to the
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nostro and Vostro accounts where they
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have the pre fund accounts in the
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destination currencies where the the
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money's just sit there in these nostro
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and Vostro accounts which is supposed to
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settle these back and forth however it
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becomes dormant capital if you could
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free up those monies and not have to
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pre-fund accounts and free up that
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dormant capital imagine what the
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companies around the world can do in
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redeploying that capital just helping
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out economies throughout the world just
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helping out the world economy in general
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so it's very intrigued since the
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commercialization of odl we have seen
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significant growth and customer interest
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with two dozen customers signed up to
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use the product some of the noddle
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customer noted cups customers committed
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to using odl include go lamps the
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america and flash FX today
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ODL is available in quarters including
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united states and mexico united states
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dollar to philippines was at the
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australian dollar to the US dollar and
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PHP philippines the euro to US dollar
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plans for additional corridors across a
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pac EMEA and la ta m are in progress for
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2020 so they're expanding they got a
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bunch of quarters up and running as you
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can see there and they have their eye on
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corridors opening for the millions of
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remittance speed and cost matters time
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delay in payments can interfere with
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covering critical expenses like
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emergencies tuition payments and
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unexpected bills ripple provides
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financial institutions who help these
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families with a faster and easier and
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more reliable way of sending money home
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now if you're interested in learning
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more so if you're one of those service
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providers out there you can get right in
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contact with somebody all right so the
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next one we want to go over it's just
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I'm not going to go over this entire
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thing this is just intermix that
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announces the partnership with ripple
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but what I do want to look at is here
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just the information about that's in
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this press release it says about
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International Money Express again
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they're on the Nasdaq the customers at
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the center of everything they do we use
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proprietary technology that enables
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consumers to send money primarily from
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the United States to 17 countries in
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Latin America and the
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Caribbean including Mexico and Guatemala
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and four countries in Africa we offer
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the electronic movement of money to our
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customers through our network of sending
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and paying agents and company operates
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stores located in all 50 states the
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District of Columbia in Puerto Rico and
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throughout Latin America and the
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Caribbean our services are also
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available digitally through inter Mex
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online.com they're found in 1994
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headquartered in Miami Florida with
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offices in Puebla Mexico and Guatemala
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City Guatemala so I just want to see
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from their perspective as well no this
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wasn't really interesting here so check
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this out this I saw as a tweet from the
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Wrath of Khan naman you can follow him
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on twitter at w ka h in e ma in you can
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see so new ripple partner internets who
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we just discussed is a featured story on
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microsoft's of real-time payments page
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using microsoft azure along with some
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others so he links to it and let me go
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to the link here it says this is on
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Microsoft comms web page drive real time
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bank payments and it says to modernize
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the core and monetize new opportunities
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move to real-time payment systems turn
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payments data into offers you can see
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here learn how the financial services
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organization like yours are driving
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real-time bank payments and here's the
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key right here
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inter max so who we just talked about in
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term axis evolved now Swift is involved
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to which is essentially competitor with
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rip a ripple swift as you know they've
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had a monopoly on this cross bordering
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payments for decades and they're slow
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and archaic they're trying to to ramp up
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their game but I think they're gonna be
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caught pretty quickly by ripple if
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they're not careful but just interesting
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because we were just discussing the
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inter max of data the partnership that
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ripple has an inter max is on the
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Microsoft website along with Swift so
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that's on even keel now alright so next
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is just MoneyGram team is thrilled now I
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bring this up because of the partnership
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ripple has with
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the success MoneyGram Artie has and they
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only have about 10% of their
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transactions going through the Mexico
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corridor now you can see here their
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tweet that went out the MoneyGram team
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is thrilled to announce a strategic
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partnership with Lulu exchange we're
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excited to help Lulu digitize its money
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transfer business and partner together
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to bring leading consumer centric
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capabilities to cus consumers in oman
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and across the asia-pacific region so
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just more and more opportunities for
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Ripple's partners this one MoneyGram
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just moving forward so x RP volume so
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since we're talking about these
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partnerships look at some of the volume
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and especially with this partnership
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where they have a bit soso x RP volume
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flips Bitcoin on crypto exchange bit so
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as ripple gains traction in mexico by a
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wide margin x RP is now the top traded
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cryptocurrency
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paired with the peso on Mexico's largest
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crypto exchange bit so the coin market
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cap reports that ripples native currency
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as leapfrog bits owes Bitcoin to MX and
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pairing with five million one hundred
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thirty nine thousand three hundred an x
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RP Vaughn compared to eight hundred and
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six thousand for Bitcoin at the time of
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that publishing so you know those will
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move around of course but that's a five
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times multiple the five approximately
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800 thousand to the five million is
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about it's about a what was that five
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times
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oh no it's that's a little over six
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times the volume is due in part to bits
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those partnerships with ripple the
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exchange facilitates ripples XRP powered
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cross-border payment solution called
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on-demand liquidity again audio
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on-demand liquidity used to be there X
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rapid product that they essentially
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rebranded it was started it was releases
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their product the swell conference in
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2018 2019 they embarked on a rebranding
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process of rebranded on-demand liquidity
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or odl so that was assisting money
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transferred giant money Graham in moving
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10% so only 10% of his daily transaction
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volume between the unites
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in Mexico says Daniel Vogel the CEO and
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co-founder of bit so in recent interview
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we are finally capitalizing on the huge
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cross-border flow that exists between
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the United States and Mexico which is
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between 30 and 36 billion dollars a year
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we've built the product alongside with
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ripple and we're seeing a significant
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amount of transaction and we believe
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that this is just the beginning of
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something so they're excited the stretch
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goal that I have set for the company is
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that we get to 20% of our weekly
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remittances between United States and in
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Mexico Corridor by the end of 2020 so
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good good for them they have a stretch
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goal they're trying to achieve so
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they're they'll you know they'll have
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their internal marks as you're gonna try
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to hit each quarter as they try to get
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to the 20% by the end of 2020 great to
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have a stretch goal maybe you'll get
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there
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Vogel also says as Tina's looking to
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expand into other parts of Latin America
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and he says we just launched a beta in
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Argentina which should become a
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full-blown experience starting next
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month and we have a team in Brazil that
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is actively looking into Brazil it's an
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interesting jurisdiction because it's a
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large market it's the largest economy in
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Latin America ripple launched its XRP
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remittance product and in October of
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2018 which I talked about a few minutes
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ago it's us to Mexico corridor recently
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hit an all-time high in daily Vaughan
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according to the liquidity index bot so
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just wanted to go over that little
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information today about ripple and XRP
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on this side and they continue to have
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ford momentum in this space we just got
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a tip our hat to ripple with these new
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partnerships that are announced in all
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the partnerships that their partnerships
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are war with so there's a they have a
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lot going on behind the scenes that
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aren't announced yet so I know that a
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lot of things are gonna be announced in
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2020 some excitement in the crypto space
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so let me know in the comments section
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below what you think about these
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highlights the latest news that's coming
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out what you think's going to happen in
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2020 I love having a discussion with the
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community about these types of things so
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cryptocurrency portal and I'll talk to
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