The list of connections that Ripple has made is growing constantly creating a strong foot-stand for its platform to develop evenly too. Just recently, five partnerships have been announced in Asia and Europe that will find use of Ripple’s xVia product to power payments being supported on its blockchain network – RippleNet. RationalFX (U.K.), Exchange4Free (U.K.), FairFX (U.K.), UniPAY (Georgia) and MoneyMatch (Malaysia) have decided to group up with Ripple.
While it sends a payment on behalf of a user but not actually processing and paying out, xVia is an API solution that makes RippleNet accessible for payment originators. With the particular product utilization, lower operational costs, faster entry in the new markets, faster speed and end-to-end visibility over the transaction’s path will be included.
“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.”
Keeping in mind that it will decrease manual reconciliation costs, xVia will lower the failing rates that do happen very often with traditional wire transfers while payment originators are able to keep up one standard connection.
“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.”
“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.” – CEO of RationalFX Chris Humphrey
Since last years 100+ partnerships annunciation that Ripple did including companies like Currencies Direct, IFX, TransferGo, Bexs Banco and many other, just this year updates and news are flooding in with many more financial institutions and firms entering the Ripple revolution.
Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.