Ripple has no doubt become the undisputed champion of faster and cheaper remittances. Ripple has already created trouble for many banks traditional way of cross-border transactions such as SWIFT. The latest news is great for Americans and Mexicans alike.
Ripple has partnered up with Cuallix to make remittances from the United States to Mexico much cheaper and faster thanks to its technology. The latest information of details being shared at the M2Banking and Fintech Latin America conference was broadcasted through Ripple’s official twitter, which read-
“We’re working with early adopters like Cuallix to bring the cost of remittances from the U.S. to Mexico down. The end user may not ever know that a digital asset is involved, but they’re receiving their funds faster and cheaper.”
–@ericvanm at #M2Banking & #FinTechLatam 2018. pic.twitter.com/7GSPrAuAFV
— Ripple (@Ripple) August 10, 2018
Cuallix is a financial institution which has high experience of 25 years in credit and payment processing solutions. It is a leading financial institution of SWIFT, MasterCard, UnionPay and now Ripple!
The first news of Ripple tying up with Cuallix surfaced in February 2018, when the Cuallet tool released. This tool was utilising XRapid and XRP cryptocurrency to ensure cross borders transactions were far easier, cheaper and faster.
According to Ripple, Cuallix using XRapid’s service led to transaction costs falling by 60% and transfers being carried out in a mere 4 seconds.
Ripple is revolutionising the market for cross-border money transfers. Ripple is already looking at seizing the opportunity in India where cryptocurrencies are currently being debated.
At a conference in July, the Global Vice President Asheesh Birla spoke about his hopes of XRP surpassing Bitcoin to become the most dominant cryptocurrency in the region. He had a plan of giving 2 billion XRP tokens to each person in India to encourage the use of XRP.
“We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?” Birla said.
Ripple is one that’s not following the herd and is paving its own footpath in its cryptocurrency journey. The vision looks stable, and with an active community behind it, Ripple seems to have a fantastic ride ahead!