Ripple, an enterprise blockchain solution for global payments, last week announced the addition of five new customers in Europe and Asia that plan to use the xVia platform to enable payments over RippleNet.
xVia is an API solution that requires a single standard integration. The platform enables payment originators to access RippleNet, a statement said. The company said this offering allows faster entry into new markets, lower operational costs, increased speed and end-to-end visibility over a payment’s journey.
“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, easier than ever before.”
Payment originators can use xVia to maintain a standard connection and power payments over RippleNet, which Ripple said can reduce high failure rates commonly associated with traditional wire transfers and cut manual reconciliation costs.
“xVia will allow us to reach more people, more efficiently and at a lower cost,” said James Hickman, chief commercial officer at FairFX. “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.”
Ripple has offices in locations including San Francisco, New York, London and Mumbai.
In February, Ripple announced that it had expanded its services into India, Brazil and China, and earlier that month the company partnered with Hong-Kong-licensed money service LianLian to power instant payments to China.