Payment originators can access RippleNet benefits with one standard API
San Francisco — Ripple, the enterprise blockchain solution for global payments, is announcing that five new customers across Europe and Asia – FairFX (U.K.), RationalFX (U.K.), Exchange4Free (U.K.), UniPAY (Georgia), and MoneyMatch (Malaysia) – will use xVia to power frictionless payments over RippleNet.
Requiring just one standard integration, 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 and reap the benefits of RippleNet. This includes faster entry into new markets, lower operational costs, increased 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 now maintain one standard connection through xVia and power payments over RippleNet, reducing the high failure rates commonly associated with traditional wire transfers, and lowering 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, said, “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 provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.