Ripple, a San Francisco-based real-time gross settlement system, currency exchange and remittance network, has announced partnerships with five new European and Asian customers. FairFX (U.K.), RationalFX (U.K.), Exchange4Free (U.K.), UniPAY (Georgia), and MoneyMatch (Malaysia) will all use xVia to power frictionless payments over RippleNet.
Adding Five More to the List
xVia is a technological solution for corporates, payment providers and banks wishing to send payments across various networks using a standard interface. As explained by Ripple’s official website, “xVia’s simple API requires no software installation and enables users to seamlessly send payments globally with transparency into the payment status and with rich information, like invoices, attached.”
Asheesh Birla, senior vice president of product at Ripple, stated:
By tapping our global network with xVia, our customers now access new markets quicker 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.
xVia allows Ripple’s new partners to maintain one standard connection through xVia and power payments over RippleNet. As noted in a press release, this “effectively [reduces] the high failure rates commonly associated with traditional wire transfers, and [lowers] manual reconciliation costs.”
FairFX Chief Commercial Officer James Hickman is happy to be partnered with Ripple, stating:
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.