Distributed ledger startup Ripple has added a new client to its global settlements platform, RippleNet.
UK-based remittance firm, Xendpay, announced a partnership with Ripple that allows the firm to enter new markets like the Philippines, Bangladesh, Malaysia, Vietnam, Indonesia, and Thailand.
According to a statement published August 21, RippleNet supports currencies that were previously inaccessible to the remittance firm. So called “smaller currencies,” including the Malaysian ringgit or Bangladeshi taka, formerly required Xendpay to form local banking partnerships.
“Previously we had to create a whole business case for each partner,” said Xendpay head of product innovation Bhavin Vaghela. “RippleNet reduces that complication and friction.”
The majority of Xendpay customers are migrants who send remittances back home to contribute to their families’ housing, utility, medical and education expenses, according to Vaghela.
In June, Ripple claimed it was adding “an average of two to three new financial institutions to RippleNet each week.” Further, RippleNet surpassed 200 clients globally earlier this year.