International Money Express, Inc. (Intermex) (NASDAQ: IMXI)— a leading money remittance services company focused primarily on the Latin America and Caribbean corridor, is now a Ripple partner.
According to a Ripple announcement, the partnership will enable Intermex to leverage RippleNet for faster, transparent cross-border remittance services between the United States and Mexico.
Intermex is one of the largest U.S. to Mexico remitter service providers in the world, processing more than 30 million payment transactions a year through a network of 100,000 payer locations. Through this partnership, Intermex will be able to settle key currencies and match the timing of funding with its settlement requirements reducing costs and providing transparency to its customers.
Intermex uses a proprietary financial technology that enables consumers to send money from the United States to 17 countries in Latin America and the Caribbean, including Mexico and Guatemala and four countries in Africa. It offers wire transfer and other money processing services to its customers through a network of 100,000 sending and paying agents located in all 50 states, the District of Columbia and Puerto Rico, and throughout Latin America and Africa. Remittance services are also available digitally through intermexonline.com. Intermex was founded in 1994 and is headquartered in Miami, Florida with offices in Puebla, Mexico, and Guatemala City, Guatemala.
The announcement continues by giving some ODL statistics, like MoneyGram moving ten percent of its transaction volume between the U.S. and Mexican borders, with plans to expand use of the service into four more corridors this year.
Since the commercialization of ODL, there has been significant growth and customer interest with two dozen customers signed on to use the product. Some of the notable customers committed to using ODL include MoneyGram, goLance, Viamericas and FlashFX.
Today, ODL is available in corridors including: USD-MXN, USD-PHP, AUD-USD and PHP, and from EUR-USD. Plans for additional corridors across APAC, EMEA and LATAM are in progress for 2020.
Intermex to use ODL
Even though Ripple’s statement does not indicate that Intermex will be utilizing ODL, Bob Lisy (Intermex CEO) in a press release, mentioned that Intermex is looking forward to implementing solutions both on RippleNet and ODL.
“We are pleased to have begun the partnership with the Ripple team, and look forward to implementing new solutions on RippleNet and ODL to help drive growth and deliver greater efficiency.”
Intermex has been added to our Ripple ecosystem.