Blockchain settlement platform Ripple has expanded its global payments network, signing five new customers to its xVia platform to power payments over RippleNet.



FairFX (UK), RationalFX (UK), Exchange4Free (UK), UniPAY (Georgia), and MoneyMatch (Malaysia), will integrate the xVia API solution, enabling them to send a payment on behalf of their customers, but not actually processing and paying it out. This enables the firms to benefit from faster entry into new markets, lower operational costs, increased speed and end-to-end visibility over a payment’s journey.



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.



“By tapping our global network with xVia, our customers now access new markets quicker and cost efficiently,” said Asheesh Birla, senior vice president of product at Ripple. “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.”



James Hickman, chief commercial officer at FairFX, added: “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.”

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