California fintech Ripple announced on Thursday it has added five new xVia customers to its global payments network. According to Ripple, xVia is an API solution enabling payment originators to access and reap the benefits of RippleNet. The five companies, which are located in Europe and Asia, are FairFX (UK), RationalFX (UK), Exchange 4Free (UK), UniPay (Georgia), and MoneyMatch (Malaysia). Asheesh Birla, senior vice president of product at Ripple, stated:
“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.”
Ripple also reported that payment originators can now maintain one standard connection through xVia and power payments over RippleNet, reducing the high failure rates commonly associated with traditional wire transfers, and lowering manual reconciliation costs. James Hickman, Chief Commercial Officer at FairFX, commented:
“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.”
Chris Humphrey, CEO of RationalFX, added:
“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.”