International Money Express, Inc. (Intermex), a money remittance services company focused primarily on the Latin America and Caribbean corridor, announced today that it has partnered with Ripple, a provider of enterprise blockchain solutions for global payments.
The partnership will enable Intermex to utilize Ripple’s On-Demand Liquidity (ODL) product. Intermex will join RippleNet, a network of financial institutions that sends money globally.
Intermex will leverage RippleNet for faster, transparent cross-border remittance services between the United States and Mexico.
ODL uses Ripple ledger asset XRP as a real-time bridge between the sending and receiving currencies. It alleviates the need for pre-funding accounts in cross border payments. ODL is available in corridors including: USD-MXN, USD-PHP, AUD-USD and PHP, and from EUR-USD. Plans for additional corridors across APAC, EMEA, and LATAM are in development for 2020.
“We are pleased to have begun the partnership with the Ripple team, and look forward to implementing new solutions on RippleNet and ODL to help drive growth and deliver greater efficiency.”
– Intermex CEO, Bob Lisy