A remittance provider that processes more than 30 million transactions per year is joining Ripple’s cross-border payments network.
Intermex, which specializes in payments in Latin America and Caribbean, will utilize Ripple’s payments technology to power remittances between the US and Mexico.
“Intermex is one of the largest US to Mexico remitter service providers in the world—processing more than 30 million payment transactions a year through a network of 100,000 payer locations. Through this partnership, Intermex will be able to settle key currencies and match the timing of funding with its settlement requirements reducing costs and providing transparency to their customers.”
Ripple has not revealed whether Intermex will use XRP as a bridge currency to move money between the two countries. In a press release on the partnership, the San Francisco payments company highlights MoneyGram’s use of XRP in the corridor.
MoneyGram says 10% of its transactions between the US and Mexico are utilizing XRP.
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