A total of five new money transfer operators from Asia and Europe have tapped blockchain payment firm Ripple’s xVia API to power payments over RippleNet.

xVia API allows payment orginators to access the benefits of RippleNet, which include reducing operational cost, while increasing money transfer speed and visibility of payments traffic.

The five new clients who have chosen xVia are FairFX, RationalFX, Exchange4Free, all based in the UK; Georgia’s UniPAY; and Malaysia’s MoneyMatch.

Ripple senior vice president of product Asheesh Birla 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.”

FairFX chief commercial officer James Hickman said: “xVia will allow us to reach more people, more efficiently and at a lower cost. It will also enable us to deliver on our commitment to give customers the most transparent, efficient and truly global money transfer experience possible using RippleNet.”

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