According to the report, Intermex is a company that majorly focus on the Latin America and Caribbean corridor.
The new collaboration will grant Intermex the enablement to leverage RippleNet for faster and transparent cross-border remittance services between the United States and Mexico.
Details of the Partnership between Ripple and Intermex
It’s a general aspiration to experience smooth, easy, fast and cost-efficient global money transactions. However, the reigning systems are complex, making the aforementioned aspirations difficult to come by.
The complexity of the systems has led to high foreign transfer fees and unpalatable delays of transactions. Ripple sees these lope holes as an opportunity to gain more traction by coming with a long-lasting solution.
According to Ripple in the report, no other place is more important for remittance services than the country with low- and middle-income, where the need for instant and low-cost payments is highly essential.
This according to Ripple brought about sealing a partnership with International Money Express, Inc. (Intermex), since there is an increase in remittance payments across Mexico.
Going by the report, Intermex is one of the largest United States to Mexico remitter service provider in the world. The company processes over 30 million payments in a year via a network containing 100,000 payer locations.
With the aid of this collaboration, Intermex will possess access to settle key currencies. It will also have the ability to match the timing of funding with settlement requirements, which directly reduces costs and provides transparency to its customers.