Today marks another success for Ripple as it enters into five new partnerships. The company has announced these partnerships through their blog saying that these partnerships will help the company expand the adoption of its payment Application Program Interface (API). xVia is the application developed by the company to enable financial institutions and businesses to send and receive money globally through Ripple’s blockchain. Earlier, these companies are using the traditional money transfer and remittance methods. The company has now targeted the emerging markets to facilitate the individuals as well as businesses.
E-commerce is flourishing in these emerging markets of the world. Businesses are using various sources for sending and receiving payments across the globe. The whole world is moving towards digitalization. This is because sending and receiving payments was never easier as it has become nowadays. All this is due to blockchain technology and the applications developed through this technology. The vision of Ripple is also to unify the fragmented banking system across the world, especially in these emerging economies. The CEO of Ripple had said that they want to move the money in the way as information moves across the globe.
The official sources of the company say that xVia is for individuals as well as corporate who want to send payments across the world through some standard interface. Here, it is worth mentioning that different countries are using different money transfer methods to carry on businesses. For example, digital wallets are being used in Vietnam and Africans use mobile money. xVia will help both the emerging economies to adopt the uniform way of sending and receiving payments across the globe. It is also cheaper and faster and there are almost no chances of failure of any global transaction.
It is important to mention that these five new partnerships would fasten the remittances across Europe and Asia. FairFX (UK), RationalFX (UK), Exchange4Free (UK), UniPay (Georgia), and MoneyMatch (Malaysia) are the companies that are going to adopt xVia for fast, reliable, and secure global money transfers. This means that foreign exchange platforms and e-wallet platforms are also going to adopt Ripple’s xVia. Earlier, the companies like Santander and MoneyGram have also joined Ripple’s blockchain for global money transfers.
The Senior Vice President of Product at Ripple says that xVia would help our customers to enter new markets quickly and cost efficiently. Earlier, these customers are facing the same problem of expensive and time consuming process of global money transfers. xVia would help these customers to reach new markets easily and expand their business. Here, it is important to mention that Ripple plans to build some more partnerships to become a leading financial network. These partnerships are bringing Ripple close to the world they are visioning where the money will move as the information moves today.
The top management of all these new partnering companies seems happy as xVia would help them pass on the benefits on new technology to more customers across the globe. These partnerships will also help the XRP coin to get more value.