Five new customers across Europe and Asia – FairFX (UK), RationalFX (UK), Exchange4Free (UK), UniPAY (Georgia), and MoneyMatch (Malaysia) – will use xVia to power frictionless payments over RippleNet, Ripple said in a press release.
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.”
On xVia, payment originators only need to maintain a standard connection, which reduces the high failure rates commonly associated with traditional wire transfers, along with lowering manual reconciliation costs.
James Hickman, Chief Commercial Officer at FairFX, is convinced xVia will allow the firm to reach more people, more efficiency at a lower cost.
By Jade Olafson