Ripple continues to build its ecosystem whenever possible. Particularly its RippleNet solution is of great interest to remittance providers. Numerous companies are already embracing this technology today. It now seems another name can be added to that list in the form of Xendpay. This further validates the technology stack on a global scale.
What is Xendpay?
As the name suggests, Xendpay is a remittance company trying to compete with the bigger players on the market today. Rather than tackling the global money transfer industry, however, the London-based firm targets some crucial markets. Xendpay was looking to enter specific regions, including Malaysia, Vietnam, and Indonesia. Through RippleNet, this has now become possible.
Given Ripple’s partnerships in this region, it is only normal their offering becomes of interest to companies looking to enter more Asian markets. Xendpay will be using Ripple’s technology stack for cross-border payments. It would also appear the company has already begun sending transactions over this network, although commercializing the option on a broader scale has yet to occur. It is expected this will take place fairly soon, as the initial results were very promising indeed.
Reducing Overhead and Welcoming Savings
Sending money around the world remains a very costly endeavor. This situation will not change in the near future. More specifically, the remittance providers have to pay hefty fees to move money around. Those fees are paid for by customers, along with the profits the company aims to pocket per transaction. With RippleNet, a lot of these costs can be reduced to a bare minimum.
Xendpay’s Bhavin Vaghela sees this as a monumental change. In the press release, he claims RippleNet will be beneficial to the company and its customers alike. All of the reduced overhead costs achieved by the service provider will yield lower transaction fees for clients. For them, every penny counts, thus keeping costs down is a big priority.
One of the main reasons why Xendpay is interested in this technology is due to its transaction speed. When sending Thai Baht from London to Thailand, transactions were completed in 10 minutes. This applies to over 90% of recent transactions. This further confirms the company has experimented with this technology for some time. It also shows how beneficial RippleNet continues to deliver the services remittance providers are looking for.