Ripple (XRP) is one of the top three cryptocurrencies by market capitalization. Ripple has signed new partnerships with various 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 is known in the crypto community of being the appropriate virtual currency for cross-border payments between financial institutions and banks. Yet many major central and private banks are working with technologies offered by the company.
xVia is one solution offered by Ripple that allows payment providers and banks to send and receive payments across several networks using a standardized interface.
xVia’s API requires no software installation and permits users to send payments globally in a transparent way, according to official Ripple’s website.
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 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.”
The Ripple’s variety of products ensures the process of payments anywhere in the world by financial intuitions, instantly, reliably and cost-effectively. Moreover, banks and financial institutions can reduce their costs even more.
Now, the number of Ripple’s customers is over 100 all over the world, and the intention is to keep growing and expanding.
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, the high failure rates associated with traditional wire transfer are reduced, lowering the manual reconciliation costs.