One of the top cryptocurrencies in the world, Ripple has added five new money transfer operators from Asia and Europe to xVia. Three of the operators come from the UK- RationalFX, FairFX, and Exhange4Free, one comes from Georgia- UniPAY, and the last one comes from Malaysia- MoneyMatch
What is xVia?
The xVia API was developed by Ripple with the aim of offering the benefits of RippleNet to payment originators, that is, those that are sending a payment on behalf of a client, but not actually processing or paying it out. By using xVia on the RippleNet platform it greatly decreases operational costs, increase the speed of the transaction and offers increased visibility of payments traffic.
The VP of Product and Ripple, Asheesh Birla explained: “By tapping our global network with xVia, our customers now access new markets quickly and cost-efficiently. 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.”
When a payment originator wants to use xVia, they need only to maintain a standard connection which will lead to a reduction in the high failure rates that are often associated with traditional wire transfers. The cost of reconciliation when using the xVia network is also significantly lower.
The COO at FairFX, James Hickman stated: “xVia will allow us to reach more people, more efficiently and at a lower cost. 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.”
Other plans in the pipeline
Asides from xVia, Ripple is also working on a project called xRapid which will aim to simplify the global money transfers. Two of the world’s biggest global money transfer companies- MoneyGram and Western Union- have both already adopted the technology into their existing platforms. Ripple is also building partnerships with Saudi Arabia’s Central Bank, the UAE Exchange, Santander, Amex, RakBank and Cuallix, meaning the blockchain company is reaching some rather dizzying heights when it comes to the financial sector.
Back in February, two other remittance platforms- Zip Remit in Canada and Beetech in Brazil, announced their intentions to use xVia to gain from the benefits that the RippleNet network provides.
“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,” RationalFX’s CEO Chris Humphrey added.