Ripple has announced that five new customers across Europe and Asia will use xVia to power payments over RippleNet, its blockchain network.
The companies partnering with Ripple are FairFX (U.K.), RationalFX (U.K.), Exchange4Free (U.K.), UniPAY (Georgia), and MoneyMatch (Malaysia).
xVia is an API solution enabling payment originators (those sending a payment on behalf of a customer, but not actually processing and paying it out) to access RippleNet. Some of the benefits include faster entry into new markets, lower operational costs, faster speed and end-to-end visibility over a payment’s journey.
“By tapping our global network with xVia, our customers now access new markets quicker and cost efficiently,” said Asheesh Birla, senior vice president of product at Ripple. “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.”
Payment originators can maintain one standard connection through xVia, reducing the high failure rates that usually happen with traditional wire transfers. In addition, it will decrease manual reconciliation costs.
“xVia will allow us to reach more people, more efficiently and at a lower cost,” said James Hickman, Chief Commercial Officer at FairFX. “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.”
Chris Humphrey, CEO of RationalFX, added, “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.”
Ripple has offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney. Late last year, it announced RippleNet was servicing more than 100 financial institutions, including Bexs Banco, AirWallex, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK, and TransferGo, among others.