According the latest release, Ripple’s is gaining more recognition in the EU and Asia with a news stating that about five remitting companies will be partnering with the cryptocurrency, tapping into its xVia API to create a new and well defined corridor for remitting cash across RippleNet.
The remittance companies that will be using Ripple for its transaction includes, Payment originators FairFX, RationalFX, Exchange4Free, UniPAY, and MoneyMatch.
The payment originators will, in the next few days be testing the potential of RippleNet network through its tools, xVia. The companies aim at using Ripple to lower their transaction cost, step-up transaction speed and increase end-to-end visibility of payments traffic.
While the tentacles of the altcoin is growing endlessly, the team behind the development of the altcoin seems to be paving ways for more development day by day, making the world a grazing land for Ripple’s wandering sheep.
Ripple’s senior vice president for product, Asheesh Birla, in a statement aired that xVia will help the remittance companies reach out to customers better.
“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,” Birla said.
The vice president added that standard API connection will help increase efficiency rate, reducing high level of failure which is mutual to rudiment wire transfer methods, and lower reconciliation costs.
While the five companies are new to Ripple, Brazil based Beetech and Zip Remit in Canada who are also remittance companies, in February aired their plans to use xVia to connect with RippleNet.
Ripple is wining and dining with supreme authorities in the cryptospace as if no other altcoin exists in the sphere. The altcoin sees collaboration and partnership with companies around the world as a necessary routine, exactly why Brad Garlinghouse, the CEO at Ripple said, in the next five years, Ripple will be partnering with more than half of the world’s top banks.