Five money transfer operators from across the EU and Asia are to tap Ripple's xVia API to open a new corridor for funneling payments across RippleNet.
Payment originators FairFX, RationalFX, Exchange4Free, UniPAY, and MoneyMatch will use xVia to try out the potential of the RippleNet network for lowering operational costs, increasing money trnasfer speed and improving end-to-end visibility of payments traffic.
Asheesh Birla, senior vice president of product at Ripple, says: “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.”
He says the standard API connection will reduce the high failure rates commonly associated with traditional wire transfers and lower manual reconciliation costs.
The new clients join other fast-growing remittance providers Beetech in Brazil and Zip Remit in Canada who announced plans to use xVia to connect with RippleNet in February.