Slowly but surely, Ripple solutions are spreading their innovative tentacles across the board. Weeks after launching xRapid, MoneyMatch—a FinTech company with headquarters in Malaysia did execute their first ever cross border transactions via the RippleNet four months after announcing their decision to embrace Ripple solutions.
This transaction is important on two levels: First, because xVia was the channel through which this payment was executed on and secondly, this is yet another company that is adopting Ripple solution showing the willingness of Ripple to aid and even on-board payment providers, banks and corporations from any part of the world.
Adrian Yap, the CEO of MoneyMatch said:
“We’re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe”
According to Ripple, xVia is a specifically designed for corporate, banks and payment providers “who want to send payments across various networks using a standard interface”. The main advantage of xVia is that there is no software installation needed for users to access their API service. Furthermore, there is “transparency into the payment status with capabilities of attaching rich information, like invoices”.
MoneyMatch said they have been working with Ripple engineering for months as they worked towards complete integrations with the Ripple blockchain via xVia. Besides the integration, MoneyMatch pointed out the efficiency and cost benefits of using the information rich xVia channels.
In the transmission, the FinTech said a user was able to send MYR to Euro within seconds while saving significantly on costs. Though this was the first payment processing done from Asia to Europe via xVia, the FinTech company is now gearing towards providing the best speeds and price for fund movements out of Europe as they try to strike partnerships with other payment providers in SE Asia as SBI in Japan or Siam Commercial Bank in Thailand.
These two banks are already in the RippleNet and advocating for adoption of Ripple cross border payment solutions.