xVia, Ripple’s funds’ transfer solution for financial institutions that seek to use a standard payments interface has welcomed 5 new clients. The new clients are MoneyMatch, a Malaysian digital peer-to-peer currency exchange platform; UniPAY, a Georgian payment integration platform; Exchange4Free, a UK-based international money transfer platform that supports over 100 countries; FairFX, a UK-based peer-to-peer payments platform that gives its clients access to over 30 million merchants worldwide and RationalFX, a European payments services provider based in London.
Announcing the new clients in a blog post, Ripple’s senior vice president of product Asheesh Birla described xVia’s goal as the provision of a financial network that caters to an interconnected global economy.
“As RippleNet grows, we’ll continue to add a broad array of payment providers, from telcos and mobile wallets, to more traditional financial institutions. This way we can support and provide a leading financial network that can address the needs of a more interconnected and diverse global economy.”
He also expressed Ripple’s commitment to improving its technology to make payments even faster. Ripple’s goal is the facilitation of a fluid flow of money that opens up more opportunities in both the emerging markets and the developed world, he added.
The emerging markets have for the longest time been underserved by financial institutions. This has made them turn to emerging technology to access financial services and have done so at a very high rate. Simple yet crucial services such as transfer of funds and making payments can be quite costly and complicated in such markets discouraging many from using them.
xVia has continued to attract clients from these markets who seek to take advantage of the speed, convenience and cost-efficiency of the platform. It has given financial institutions both within and without these markets the ability to send and receive money via Ripple’s decentralized network. xVia has a simple API that requires no software installation and gives its users the ability to seamlessly send payments globally with transparency into the payment status and with rich information, like invoices, attached.