Cross Enf Partnered with Ripple to Launch South Korea’s First Blockchain-Based Real-Time Global Payments Service
Goal: To provide customers with a low-cost, real-time and convenient alternative to the traditional cross-border payments process offered by South Korea’s banks.
Solution: Being part of RippleNet helped Cross Enf develop partnerships with financial institutions and payment services in key countries for its target migrant market. The ease of integration provided by RippleNet kept operational costs low and allowed for real-time settlements for customers using the company’s convenient Cross app.
Global payments service based in Korea aimed at migrant workers and parents of students studying abroad.
Customer retention rate
Average volume growth per month since 2018 launch
Value of South Korea's remittances market
“Global transfers were difficult for foreign workers. Now the unique Ripple-powered benefits of convenient, low-cost and real-time remittances keep customers coming back to our service.”
Wonhee Shin, CEO at Cross Enf Inc.
RippleNet Partnerships Drive Growth
In 2018, Cross Enf worked with SBI Ripple Asia to launch South Korea’s first blockchain-based remittance service. The app helps migrant workers in South Korea overcome the high costs, slow speeds and inconvenience of sending money home to their families using the traditional services provided by the country’s banks. Joining RippleNet made it easy for Cross Enf to develop partnerships in key corridors that enabled real-time, cost-effective cross border payments to countries like Thailand, Philippines and Sri Lanka. The service has a retention rate of more than 80%, which has helped drive the company’s average growth rate of 50% a month since launch.