The list of connections Ripple has made is growing all the time, creating a strong foothold so that its platform can evolve evenly as well. Just recently, five partnerships were announced in Asia and Europe using Ripple’s xVia product to support payments supported on its blockchain network – RippleNet. RationalFX (UK), Exchange4Free (UK), FairFX (UK), UniPAY (Georgia) and MoneyMatch (Malaysia) have decided to partner with Ripple.
While xVia sends a payment on behalf of a user but does not process and pay it out, it is an API solution that makes RippleNet accessible to payment creators. With the respective product use, lower operating costs, faster entry into the new markets, faster speed and continuous transparency of the transaction path are taken into account.
“By leveraging our global network with xVia, our customers can now access new markets faster and more cost-effectively,” said Asheesh Birla, senior vice president of products at Ripple. “All of these customers have the same problem: They build customized connections to banks and networks around the world. It’s expensive and time consuming. With xVia, they can increase their overall market share by reaching new customers in new markets, easier than ever. “
Bearing in mind that this will reduce the cost of manual reconciliation, xVia will lower the failure rates that are very common with traditional wire transfers, while allowing payment originators to maintain a standard connection.
“With xVia, we can reach more people more efficiently and cheaply,” said James Hickman, chief commercial officer at FairFX. “It will also enable us to fulfill our commitment to providing customers with the most transparent, efficient and truly global money transfer experience possible with RippleNet.”
“This is an exciting new partnership for RationalFX and we look forward to bringing the benefits of xVia to our customers around the world.” – CEO of RationalFX Chris Humphrey
Since the announcement of more than 100 partnerships that Ripple has announced in recent years, including companies like Currencies Direct, IFX, TransferGo, Bexs Banco and many others, updates and news with many more financial institutions and companies have been pouring into the country this year Ripple revolution.