Five new money transfer operators from Asia and Europe have started using payment firm Ripple's xVia API to make payments on the RippleNet network.
xViaAPI will allow payment senders to access the benefits of the RippleNet network: reduced operational costs, fast transaction speeds, transparency of payment traffic. The five new clients joining xVia's services are the UK's FairFX, RationalFX, Exchange4Free, Georgia's UniPAY and Malaysia's MoneyMatch.
Ashish Birla, Senior Vice President of Ripple, said: "By leveraging xVia's global network, our clients will be able to access new markets much faster and cheaper. All of our new clients are facing the same challenge - the need to build personalized relationships with banks and networks around the world. This is very costly and time-consuming. With xVia, they will be able to grow market share by expanding their reach to new markets more easily than ever before.”
James Hickman, Chief Commercial Officer of FairFX, said: “Working with xVia will help us reach more people more efficiently and cost-effectively. Using the RippleNet network will enable us to deliver on our commitment to providing our clients with the most transparent, effective and truly global remittances.”
RippleNet, a data exchange system that is similar to the SWIFT system, is a structure that signals banks where to send money. It also offers a service that helps banks process transactions.
Read also: THE NUMBER OF BANKS COOPERATING WITH RIPPLE IS GROWING EVERY WEEK
According to https://www.verdict.co.uk
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