One of the top 3 cryptocurrencies by market capitalization, Ripple (XRP), has signed new partnerships with different enterprises from Europe and Asia. The enterprises are FairFX, RationalFX, Exchange4Free, UniPAY, and MoneyMatch. The first three mentioned are from the United Kingdom, UniPAY is from Georgia and the last one from Malaysia.
Ripple Expands its Business
Ripple is known in the crypto world by being a virtual currency for cross-border payments between financial institutions and banks. Indeed, several central and important private banks are working with the different technologies offered by Ripple.
xVia is one of the many solutions offered by Ripple that allows payment providers and banks to send and receive payments across several networks using a standardized interface.
According to Ripple’s website, xVia’s API requires no software installation and allows users to send payments globally in a transparent manner.
Asheesh Birla, senior vice president of product at Ripple, commented about that:
“By tapping our global network with xVia, our customers now access new markets quicker 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.”
With Ripple’s variety of products, financial institutions can process payments anywhere in the world, instantly and in a reliable and cost-effective way. Moreover, banks and institutions can reduce their costs even more.
At the moment, Ripple has more than 100 customers all over the world, and the intention is to keep growing and expanding in more countries and continents.
Chris Humphrey, CEO of RationalFX, said:
“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.”
Now, payment originators are able to maintain one standard connection using xVia and power payments over RippleNet. In this way, high failure rates associated with traditional wire transfer are reduced, lowering the manual reconciliation costs.