Ripple Acquires 5 Clients; Mercury-FX Tweets Cost Effec. Of xRapid
San Francisco-based Ripple, which offers blockchain technology based cross-border payment transfer system, has announced that it has acquired five new customers across Asia and Europe. The new clients will use xVia platform to perform payment transfers.
In a related news, Mercury-FX Ltd., which started testing Ripple’s xRapid payment platform for its global currency transfer needs has announced that the tests have gone without any glitches and the company intends to continue with its testing process.
The list of clients who have signed up for using xVia platform are:
1. FairFX (U.K.)
2. RationalFX (U.K.)
3. Exchange4Free (U.K.)
4. UniPAY (Georgia)
5. MoneyMatch (Malaysia)
Ripple offers three kinds of platforms: xCurrent for banks, xRapid for payment processors, and xVia for corporates, payment providers and banks who want to send payments across various networks using a standard interface.
xVia’s simple API requires no software installation and enables users to seamlessly send payments globally with transparency into the payment status and with rich information, like invoices, attached.
• Enables processing payments on demand with tracking and delivery confirmation, even in non-traditional networks, like wallets.
• Allows the release of capital sitting idle in foreign currency transaction accounts with on-demand and real-time global payments.
• Allows sending data including invoices with payments.
Asheesh Birla, senior vice president of product at Ripple said
“By tapping our global network with xVia, our customers now access new markets quicker and cost efficiently. 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.”
xVia platform enables payment processors to avoid failure rates, which are common with traditional wire transfers. Therfore, manual reconciliation costs can be lowered.
James Hickman, Chief Commercial Officer at FairFX said
“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.”
Chris Humphrey, CEO of RationalFX, said,
“This is an exciting new partnership for RationalFX, and we look forward to passing on the benefits of xVia to our clients across the globe.”
Mercury-FX, which serves high volume customers, has announced that the tests using xRapid platform have gone well so far. In January, the payment service provder having offices in London, Hong Kong, and Cape Town, began testing Ripple’s xRapid platform for payment transfers to China and Mexico. The company intends to continue the tests and then start using the platform to serve its clients. Furthermore, it will also start using the platform to serve other destinations as well.
In Q1, along with other xRapid pilots customers, we have proved that #xRapid can lower liquidity costs & increase payment speed and transparency using #XRP. We are looking forward to continued successful testing and going into production.https://t.co/hlYDcFyG7o
— Mercury-fx Ltd (@mercury_fx_ltd) April 26, 2018
Ripple has been extremely successful in gaining clients this year. The long list of organizations, which have signed an agreement with Ripple includes Western Union, MoneyGram, LianLian, UAE exchange, Central bank of Saudi Arabia, Indusind bank, and Cambridge to name a few. Ripple has a partnership with Japan’s SBI Holdings, which leads a consortium of more than 61 banks. Several credit card providers and insurers in Japan have also signed agreement with Ripple.