Ripple has announced five new customers for its xVia API solution, enhancing these companies’ access to the rapidly expanding global payments market.
The companies include FairFX (U.K.), RationalFX (U.K.), Exchange 4Free (U.K.), UniPay (Georgia) and MoneyMatch (Malaysia), Ripple announced on its website.
xVia provides an easy way for financial institutions and businesses to send payments to and from emerging markets using RippleNet, Ripple’s decentralized global payments network.
Enabling Faster Global Payments
By offering a standard API solution, xVia enables companies looking to send payments — such as digital wallets, payment providers and others — to quickly scale their businesses, differentiate their services and address customers’ needs. Businesses and individuals that rely on these services can send payments faster and cheaper.
xVia provides a vehicle for numerous players in the global payments ecosystem to complete transactions directly without requiring custom connections. It can also allow smaller businesses seeking to leverage the same technology and standardized ruleset to send real-time, traceable payments globally.
Global Payment Market Challenges
Asheesh Birla, senior vice president of product at Ripple, said customers looking to access global payment markets encounter the costly and time consuming problem of building connections to networks and banks worldwide, according to crowdfundinsider.com.
Payment originators 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.
James Hickman, chief commercial officer at FairFX, said xVia will allow his company to reach more people more efficiently and at a reduced cost. It will also allow FairFX to deliver on its commitment to provide customers the most transparent, efficient and global money transfer experience possible.
Chris Humphrey, CEO of RationalFX, similarly looks forward to passing the benefits of xVia to clients worldwide.