Xendpay announce that joins RippleNet, that will allow the former to provide money transfer services beyond the United States dollar. Xendpay will use Ripple’s pre-existing network of banks and other financial partners to facilitate money transfers via other forms of currency especially Ripple’s XRP.
“Most of our customers are migrants who are sending money back home,” explained Bhavin Vaghela, Xendpay’s Head of Product Innovation. “This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees and education costs. Being an online service allows us to reduce our overheads and pass the savings on to these clients, for whom every penny counts.”
Transfer Fees Are Optional with Xendpay
All Xendpay customers are concerned with maximizing the value of their cross-border transfers, which is why the company’s low costs and wholesale FX rates stand out. What makes Xendpay truly unique is the company’s Pay What You Want feature that allows customers to waive fees on transfers totaling around $2,500 over a calendar year. This ensures that the full extent of a customer’s hard work is appreciated by their families. The Pay What You Want feature also extends to businesses, who can waive fees on transfers totaling around $5,000 per calendar year.
“Our suggested fees start at GBP3.50, which is already low for a cross-border payment,” said Vaghela. “Though it may not seem like much, when you translate that into a currency like Vietnamese Dong, it’s a significant amount of money. Our customers can choose to pay our suggested fee or change it to one they feel is fair.”
“I think of our fees as similar to providing a tip,” he added. “If you feel like you’ve been treated well, received a good rate and enjoyed the experience, you might pay the recommended rate. We’ve even had clients pay us more.”
According to the announcement, Xendpay previously were required direct partnerships with local banks and the set-up and maintenance of complex API arrangements for each one. Using RippleNet to connect with a robust network of partners has proven to be a simple solution to this problem.
“Previously we had to create a whole business case for each partner,” said Vaghela. “RippleNet reduces that complication and friction. There’s a built-in trust factor, which allows us to get to market quicker. We were unable to offer currencies like Malaysian Ringgit or Bangladeshi Taka before. Now that it’s easier to connect with local partners, we can provide our clients with more local currencies and, therefore, see new growth in those corridors.”