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Of late, the impact of cryptocurrencies on the overseas payments ecosystem has been considerable. Especially, ripple that is renowned among the banking community as its edge to transact overseas payments swiftly and efficiently is perceived as a competitive advantage, however, the banks have the current SWIFT mechanism (Society of Worldwide InterBank Financial Telecommunications) in place that seems unlikely to lose their importance in the industry so easily.
Western Union, which is one of the renowned money transfer services, is now exploring opportunity in blockchain technology for its overseas transfers and settlements. With that objective, it is evaluating ripple for business integration.
According to a 2020 research report from Credit Suisse, the money transfer giant is piloting and considering use of Ripple (XRP) for cross-border (Ripple has made a $50mm investment in Western Union competitor, MoneyGram).
Ripple has recently announced a partnership with the Thai fintech start-up DeeMoney.
DeeMoney is extensively deploying Ripple’s payment mechanism, designed & developed to be more Swifter exclusively targets inbound payments to Thailand from South Korea, Indonesia, Singapore, Israel as well as the Middle East and Gulf regions.
As stated before in our recent post, Ripple's intentions to expand their venture in South American region, especially with Brazilian and Mexican banks for the people engaged in remittance market, Ripple made partnership deal with International Money Express, Inc. (Intermex) (NASDAQ: IMXI) which is a leading money remittance services company entrusted primarily on the Latin America and Caribbean corridor as the demand for remittance market by 2020 for instant and cheap solutions in these regions grows rapidly.
‘XRP’ that is driven by Ripple recently announced that it has invested in Bitso, which is happens to be Mexico's largest cryptocurrency brokers, with an objective of expanding remittance operations in Latin America region.
