According to new reports by FlashFX, Australia is soon to receive a completely new foreign exchange based on Ripple technology, with XRP being used as a source of liquidity. The exchange will be able to deliver transparent transactions and settlements that will be completed nearly instantly. Additionally, it will significantly reduce the cost of international payments.
Regular methods of sending cross-border payments have been slow and overly complex for years now. As many already know, Ripple, the company behind the third largest cryptocurrency by market cap, XRP, has made its goal to attempt and revolutionize the process.
Its products are known for being able to deliver nearly instant payments, with only minimal fees included. This all comes from Ripple’s idea that sending money via the internet should be no more complex than sending a regular email, and FlashFX seems to be sharing this opinion.
FlashFX’s CEO, Nicolas Steiger, stated that the company is excited to be involved in improving international payments. The method of how money transactions should work was in dire need of change for a long while, and the time for this to finally happen has arrived. He also pointed out that the service will be an alternative to all Australians who wish to send payments in a faster and cheaper way than what traditional banks can offer at this point.
FlashFX invites others to join in
FlashFX is an Australian business that focuses on digital currencies, and it is the first such company to receive a financial services license from the country’s regulator, the ASIC. Meanwhile, AUSTRAC (Australian Transaction Reports and Analysis Centre) has estimated that around $50 billion in international payments gets processed in Australia every year. Because of this, cooperation between banks, financial institutions, and money services have become crucial, but that does not mean that there is a lack of competition.
Now, it appears that FlashFX is cooperating with other money services in order to expand this ecosystem and introduce Ripple products. This way, they will all become connected, and that much more useful and practical to the Australian public. Any relevant business that is interested in cooperating with FlashFX was invited to come into contact with the company, and discuss the plans for cooperation and future upgrades.