MoneyMatch Embraces Ripple’s Blockchain Solution to Power Paymentsby Fintech News Malaysia April 27, 2018
Ripple, the enterprise blockchain solution for global payments, is announcing that five new customers across Europe and Asia will use xVia to power frictionless payments over RippleNet, among the companies announced is Malaysia’s very own fintech company MoneyMatch.
xVia is an API solution that just requires one standard integration to enable payment originators to reap the benefits of Ripplenet, which includes faster entry into new markets, lower operational costs, increased speed and end-to-end visibility over payments journey.
Though there are contentions in the community about Ripple with it being highly centralised, the community generally agrees that it uses a consensus protocol that allows for much faster transactions than the likes Bitcoin and Ethereum. The value proposition it offers, fits precisely in the space which MoneyMatch is attempting to disrupt; cheaper and faster remittances.
“By tapping our global network with xVia, our customers now access new markets quicker and cost efficiently,” said Asheesh Birla, Senior Vice President of Product at Ripple. He added, “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.”
Payment originators can now maintain one standard connection through xVia and power payments over RippleNet, reducing the high failure rates commonly associated with traditional wire transfers, and lowering manual reconciliation costs.
The other European companies that also joined the fray along with Malaysia’s MoneyMatch include FairFX, RationalFX, Exchange4Free and UniPay.