Ripple, the blockchain company of choice for financial institutions seeking to improve their transaction speeds and technology, has expanded its network.
With over a hundred existing partners across the globe, the San Francisco-based firm has expanded that list with five new partners for its RippleNet system.
The five companies adopting Ripple’s xVia system are FairFX (UK), RationalFX (UK), Exchange4Free (UK), UniPAY (Georgia), and MoneyMatch (Malaysia). The API requires one standard integration which enables payments originators, those sending but not processing the transaction, to access the RippleNet system and its growing number of partners.
Ripple says the benefits of this system are numerous and include rapid entry into new markets, lower operating expenses, and increased speed and transparency over the payment’s path.
“By tapping our global network with xVia, our customers now access new markets quicker and cost efficiently,” said Asheesh Birla, Ripple’s senior products vice president. “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.”
As RippleNet grows payment originators can maintain one standard connection through the xVia, which reduces transaction failure rates and high costs associated with traditional wire transfers.
“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,” added James Hickman, chief commercial officer at UK’s FairFX.
Ripple has been promoting xVia on their company blog by citing a World Economic Forum study which found that in Southeast Asia almost 30% of online sales occur on social media. Additionally, according to the study, in India alone, over the next five years more than a billion people are expected to sign up to a bank for the first time.
The xVia system has been touted by the company as a solution to problematic, slow and expensive international transfers within emerging markets, many of which are in Asia.
Ripple’s ultimate ambition has been dubbed ‘Internet of Value’, where money can move around the world in the same way that information currently does. Ripple’s partnerships continue to expand but the products are not related to its crypto-currency, XRP, hence the announcements have not affected price action.
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