March 25, 2023

Intermex will use Ripple ODL solution for international money transfers

Ripple announces partnership with International Money Express (Intermex), which will use the Ripple ODL solution to make money transfers between Mexico and the USA.

Intermex clarified that for moreFast and economical international payments will take advantage of the Ripple On-Demand Liquidity (ODL) solution, 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 to 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.