There isn’t a week that goes by without Ripple making headlines. This week, five companies announced they will use Ripple’s xVia API to remain competitive in the global financial market and to leverage the best available technology for cross-border payments.
The companies include FairFX (United Kingdom), RationalFX (United Kingdom), Exchange 4Free (United Kingdom), UniPay (Georgia), and MoneyMatch (Malaysia), as announced on Ripple’s website.
Proud to announce 5 new #xVia customers. Learn why unifying the increasingly fragmented payment landscape with xVia’s standard API solution is more critical today than ever before. https://t.co/LXt58xfxvb
— Asheesh Birla (@ashgoblue) April 26, 2018
xVia offers financial institutions and businesses a simple way to connect with RippleNet, Ripple’s decentralized global payments network, enabling fast (near real-time) cross-border transfers at very low cost.
Ripple provides xVia as a standard API that both large and small companies can use to create predefined transaction requests and integrate them into their own payment flows.
Asheesh Birla explains that more people around the world will be sending money internationally, and relying on banks for these transfers can often be time-consuming.
Every year, billions of people gain access to financial institutions for the first time. In India alone, more than a billion people are expected to start using banking services over the next five years.
We need a better way to move money globally—one that synchronizes these different systems and can keep pace with growing financial inclusion.
As with other Ripple partnerships announced previously, this integration will use the xVia API rather than Ripple’s native token XRP.
At the time of writing, the Ripple price shows little reaction to this announcement and stands at €0.72, with a market capitalization of €28.5 billion. Ripple remains the third-largest cryptocurrency by market cap.
The coming weeks will reveal whether Ripple can sustain the current bullish trend.
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