Euro Exim Bank’s biggest growth markets are in Africa and Eastern Asia. Unfortunately many clients in these regions do not have easy access to euros or dollars, so they make payments in local currency. Euro Exim Bank partnered with Ripple and used xRapid to eliminate the need for multiple pre-funded currency accounts around the world.
Mercury FX trialed Ripple’s product for international money transfer as an alternative to the existing SWIFT network. Mercury trialed xRapid by sending a donation to an orphanage in Mexico. Mexico had not been a target market for Mercury because of the high costs and time-consuming nature of making international payments. Now Mercury FX is considering markets that were previously infeasible because of xRapid.
TransferGo, a remittance settlement company, decided to use xRapid to facilitate remittance settlement speeds. It now takes seven minutes for the recipient to get the funds from when the sender first logs in to their TransferGo account. TransferGo stated that its vision is to become a global real-time payments company and that it sees Ripple as a strategic partner moving forward.
These cases demonstrate how Ripple’s solutions are opening up new business models and markets for existing businesses. They also highlight the technological innovation Ripple brings to the payments and settlements space and the vendor’s future ability to fundamentally change the space.