Blockchain-based payments solution firm Ripple has added five new clients from Asia and Europe, who will use xVia API over RippleNet.
Among the five clients three are from the UK – FairFX, RationalFX, and Exchange4Free – one from Georgia – UniPAY – and the last one from Malaysia – MoneyMatch.
What is xVia?
Ripple developed the xVia API to provide the benefits of RippleNet to payment originators – those sending a payment on behalf of a customer, but not actually processing and paying it out. The use of xVia on the RipleNet network will lower operational cost, increase money transfer speed, and improve the end-to-end visibility of payments traffic.
Ripple’s Vice President of Product Asheesh Birla explained: “By tapping our global network with xVia, our customers now access new markets quickly and cost efficiently. All of these customers run into the same problem: building bespoke connections to banks and networks all over the world. It’s expensive and time-consuming. xVia enables them to grow their overall market share by reaching new customers in new markets, easier than ever before.”
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On xVia, payment originators only need to maintain a standard connection, which reduces the high failure rates commonly associated with traditional wire transfers, along with lowering manual reconciliation costs.
James Hickman, Chief Commercial Officer at FairFX, commented: “xVia will allow us to reach more people, more efficiently and at a lower cost. It will also enable us to deliver on our commitment to give customers the most transparent, efficient and truly global money transfer experience possible using RippleNet.”
Ripple in the financial system
Other than xVia, Ripple is also working on xRapid to ease the process of global money transfers. Two of the largest global money transfer platforms – MoneyGram and Western Union – have adopted the technology. Moreover, its partnerships with global banks including Amex, Saudi Arabia’s Central Bank, the UAE Exchange, Santander, RakBank, and Cuallix have put the blockchain firm on the center of the financial arena.
Earlier in February, two other remittance providers – Beetech in Brazil and Zip Remit in Canada – announced their plan to use xVia to benefit from RippleNet’s network.
“This is an exciting new partnership for RationalFX, and we look forward to passing on the benefits of xVia to our clients across the globe,” RationalFX’s CEO Chris Humphrey added.