Five more payments providers in Asia and Europe will use Ripple’s xVia technology, according to the distributed ledger startup. These new firms include FairFX (U.K.), RationalFX (U.K.), Exchange4Free (U.K.), UniPAY (Georgia), and MoneyMatch (Malaysia).
How can Ripple’s xVia tech help
Ripple’s xVia tech will support these companies to expand their customer base, according to Ripple senior vice president of product Asheesh Birla.
“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,” he said in a statement.
“xVia enables them to grow their overall market share by reaching new customers in new markets, easier than ever before.”
Ripple continues and explained in a blog post that unlike traditional way of transferring funds abroad such as wire transfers, xVia’s standard API solution involves the fact that high failure rates are lacking as well as reconciliation costs.
Ripple will continue to add more payment providers
“As RippleNet grows, we’ll continue to add a broad array of payment providers, from telcos and mobile wallets, to more traditional financial institutions. This way we can support and provide a leading financial network that can address the needs of a more interconnected and diverse global economy,” the post said.
James Hickman, FairFX’s chief commercial officer, said that xVia would allow them to reach a more extended number of people in a more effective way and at lower costs.
“It will also enable us to deliver on our commitment to give customers the most transparent, efficient and truly global money transfer possible using RippleNet,” he said.
Recently Ripple has managed to steadily acquire new customers and announced in February that finetech companies Zip Remit and Beetech are also planning to adopt its xVia tech.