Cuallix Mercadotecnia has announced that its Cuallet solution will be integrated with Ripple (XRP). This will allow Cuallet to enjoy cross-market liquidity and cheaper money transfer rates that are offered by Ripple’s blockchain-based services. In so doing Cuallix Mercadotecnia will not only be able to offer its clients faster speed of transactions but will enhance the certainty that funds will reach their intended recipient. And just like Ripple Cuallix Mercadotecnia also concentrates on the financial industry’s connection standardization.
The integration of Ripple’s tech into the business model of Cuallix will occur through the Cuallet service, a digital tool which has been designed with the aim of facilitating money transfers while offering the speed and convenience demanded and desired by consumers. Cuallet’s money transfers will be done through the xRapid service of Ripple. The reason that the xRapid service appeals to many money transmitters across the globe is the fact that it was designed specifically for the purposes of cross-border liquidity that utilizes the XRP asset.
Lowest exchange rates
The processing of all the transactions that will be sent via Cuallet will be conducted using the xRapid service thus offering a liquidity option that is competitive across all connected third-party exchanges and markets. The provider of the lowest exchange rate gets the business and then consequently converts the funds being transmitted to XRP before sending the money to the intended destination. On the recipient’s end the XRP gets converted to local currency automatically.
In the recent past Ripple has extended its service to other money remittance service providers besides Cuallix Mercadotecnia. Ripple has inked deals with InstaREm of Singapore which boasts of over 20,000 subscribers and IndusInd of India. The blockchain-based payments and settlements solutions provider has also signed agreements with two Brazilian financial institutions namely Beetech, an online money transfer service which is the lone online exchange to get the approval of Brazil’s central bank and Itau Unibancois, the biggest bank in South America.
Additionally Zip Remit, a Canadian firm has also signed on to use Ripple’s technology. Money remittance firm Western Union has also been reported to be looking into the technology of Ripple with a view to possibly using it.