US, WASHINGTON (ORDO NEWS) — Money Transfer Provider International Money Express Inc. (Intermex), a Ripple partner, said it did not intend to use startup solutions for its key markets such as Mexico.
In 2019, $ 36 billion in remittances arrived in Mexico , mainly from the United States. Intermex is one of the largest service providers in this area.
Ripple announced a partnership with the company last month. Fintech startups emphasized that Intermex will use the On-Demand Liquidity (ODL) solution to transfer money from the USA to Mexico, in which the XRP token serves as an intermediate currency. Amid the news, the XRP price jumped 12% in 24 hours.
During a teleconference on Intermex finance, company president and CEO Robert Lisi said that “Ripple will not be the answer for places like Mexico.”
According to him, the company has established relationships with key payment services in the region, with which plans and goals are agreed.
“Therefore, you will not see us use Ripple in our key markets, ” he emphasized.
The solution from fintech startup will soon be applied in new markets and for auxiliary products, he added. CEO Intermex said that the company has not yet tested ODL and will move on to testing this year.
Last year, Ripple invested $ 50 million in another money transfer provider, MoneyGram. At the end of last year, the company said that with the help of ODL it processes 10% of transfers between the USA and Mexico passing through it.
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