5 Payment Firms Adopt Ripple’s xVIA API Solution

In an announcement today, Ripple stated that it has five brand new customers for its xVia API solution. With it, it will give these companies access to the growing global payments market. The companies include FairFX, RationalFX and Exchange 4Free (all from the UK), UniPay from Georgia and MoneyMatch from Malaysia.

As Ripple announced on the website, all of the companies will benefit from the easy way to send payments to and from emerging markets using the RippleNet technology – which is Ripple’s decentralized global payments network.

The standard API solution xVia is designed to enable companies looking to send payments (digital wallets, payment providers, and others) and quickly scale their business, differentiate their services and address the customers’ needs.

In a nutshell, xVia provides a vehicle for the numerous players in the payments ecosystem. It acts as a way of completing transactions directly without requiring any custom connections. For smaller businesses seeking to leverage the same technology, it can also offer traceable payments all around the world.

The senior vice president of product at Ripple, Asheesh Birla, said that all of the customers are looking to access the global payments market – and all of them have been troubled with building connections to networks and banks worldwide.

With xVia, they can all benefit from the single standard connection and power payments over RippleNet. This would lower the high failure rates encountered with the traditional wire transfers.

One of the customers is James Hickman, the CCO at FairFX. He believes that xVia will “allow his company to reach more people, more efficiently and at a reduced cost”.