March 4, 2024

Intermex will use Ripple ODL solution for international money transfers

Ripple has announced a partnership with International Money Express (Intermex), which will use the Ripple ODL solution to makemoney transfers between Mexico and the USA.

Intermex clarified that in order to implement morefor fast and cost-effective international payments will take advantage of the Ripple On-Demand Liquidity (ODL) solution by becoming a member of the RippleNet payment network. When sending and receiving a payment, XRP will become an “intermediate currency” — Mexican pesos will be converted into XRP tokens in real time and then exchanged for US dollars, and vice versa.

Ripple's new partner posted on AmericanNasdaq Stock Exchange under the ticker IMXI. According to Intermex, the company processes over 30 million payment transactions between the United States and Mexico every year, so it is hoped that with the Ripple solution, making payments between the two countries will become more efficient.

In November, it became known that the MoneyGram serviceuses the Ripple On-Demand Liquidity solution for money transfers in the same directions, with 10% of transactions carried out using XRP. In addition, Siam Commercial Bank from Thailand became interested in Ripple technology last spring, then Ria Money Transfer, a subsidiary of the payment operator Euronet Worldwide, joined the RippleNet payment network.