Ripple’s xVia API Solution Adopted By Five Money Transfer Operatorsbr>
Distributed ledger firm Ripple has announced that five new payments providers in Europe and Asia will be using its xVia technology to power frictionless payments.
The five companies – FairFX (UK), RationalFX (UK), Exchange4Free (UK), UniPAY (Georgia), and MoneyMatch (Malaysia) – will leverage xVia’s standard API solution to power payments through RippleNet and access new markets. xVia’s standard API solution allows the companies to easily send payments to and from emerging markets by leveraging the benefits of RippleNet, Ripple’s decentralized global payments network. This includes faster entry into new markets, lower operational costs, increased speed, and end-to-end visibility over a payment’s journey.
Ripple senior vice president of product Asheesh Birla said that xVia enables the companies to grow their overall market share by reaching new customers in new markets.
“By providing a standard API solution, xVia lets companies that want to send payments — payment providers, digital wallets and other corporates — to quickly scale their businesses, differentiate their services, and address their customers’ unique needs,” said Birla. “The individuals and businesses that rely on them can send payments faster and cheaper anywhere in the world.”
The payments providers can also now maintain a single standard connection through xVia and power payments over RippleNet, which lowers the high failure rates encountered with traditional wire transfers. In addition, RippleNet reduces 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.”
The new clients join FinTech firms Beetech and Zip Remit who announced plans to use xVia to connect with RippleNet in February.