Ripple announced today on their blog that they have entered into 5 new partnerships in an effort to increase adoption of their payment Application Program Interface [API] xVia.
xVia is a standardized API that allows financial institutions and businesses to send and receive payments through Ripple’s blockchain, RippleNet.
Ripple describes it as:
“xVia is for corporates, payment providers and banks who want to send payments across various networks using a standard interface.”
Ripple sees this as a way to unify the fragmented, non-traditional banking systems used in emerging countries. Countries like Vietnam, which uses digital wallets and Africa, which uses mobile money, can provide an easier platform for financial transactions through xVia.
“xVia serves as a vehicle for a variety of different players within the global payments ecosystem to interact and complete transactions directly.”
The xVia API is standardized, allowing for faster and cheaper transactions with reductions in high failure rates associated with traditional methods of cross-border money transfer methods.
Asheesh Birla, the 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.”
The partnerships in question are FairFX, a foreign exchange platform working out of UK, MoneyMatch, a Fintech startup from Malaysia, UniPay, an E-wallet solution based out of Georgia, RationalFX and Exchange4Free, who are both foreign exchange platforms based out of UK.
Ripple plans more partnerships in the future to enable the creation of ‘a leading financial network. These partnerships are a part of Ripple’s pursuit in the vision of a world where money moves as information does today, also known as the Internet of Value.
Redditors responded to the event, with Twitter user an0namau5 saying:
“As always, good news = fall in price”
User DoubleEko said:
“Ripple are highly professional. They believe in their product and they have faith that the product will do all the talking :o)”
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