Remittance firm Intermex says it won’t be using Ripple products for core markets like Mexico.
Intermex, which announced a partnership with blockchain startup Ripple last month, says it won’t be using the company’s remittance solutions in “core” markets like Mexico.
According to the most recent earnings call, Intermex president and CEO Robert Lisy said,
Ripple will not be an answer for places like Mexico.
Intermex cited key relationships with existing financial services in the region, including Bancoppel and Elektra.
We have very tight relationships that [are] strategically setting plans and objectives with those payers. And so you won’t really see us leveraging Ripple in our core markets.
Intermex chief technology officer (CFO) Tony Lauro issued a similar statement, saying Ripple has more applicability “outside of Mexico, where we’re building out our network into other corridors.”
While Ripple said at the time of the partnership that Intermex would be using the service for “faster, transparent cross-border” remittance services between the U.S. and Mexico, the company has decided to move in a different direction.
Lisy said the focus would be on using Ripple to grow in new markets,
I think it will bring us more growth in newer markets in places where we’re exploring going into ancillary products, but probably not in our core business.
Featured Image Credit: Photo via Pixabay.com