Ripple, a venture-backed startup behind XRP with offices in San Francisco, New York and Sydney, has already proved itself to be massively adopted among the financial and payment giants across the globe. With a view to bridge the gap between blockchain ecosystem and payment processors based on traditional fiat money, Ripple has gained popularity of its XRP token.
During the Swell Conference held last month, Ripple’s CEO Brad Garlinghouse unveiled details about the launch of xRapid, payments solution that uses XRP tokens to source liquidity and facilitate instant cross-border payments at low costs. Ripple also stated that three financial payments providers pledged their support to xRapid. These companies included MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union. Recently, Ethereum World News reported that Ripple added Viamericas, an international money transmitter, to its list of customers utilizing xRapid.
The Ripple’s brochure states:
“Global payment providers, such as Viamericas, Cuallix, IDT, MercuryFX and others are using xRapid to significantly lower their liquidity costs and send real-time payments — an industry first.”
The statement effectively marks the first admission of an official partnership between the two entities.
According to its website, Viamericas is a “licensed money transmitter offering international money transfer, bill payment, check processing and top-up services at thousands of agent locations across the United States, and over 76,000 locations in 29 countries for cash payout or direct deposits to bank accounts”.
Paul Dwyer, the co-founder and CEO of Viamericas, said:
“We believe that digital assets like XRP will play a key role in the future of cross border payments, helping to safely address some of the structural inefficiencies of legacy settlement infrastructure”.
Currently, no more information regarding the integration is available.
Another company to partner with Ripple is Moneynetint, UK-based e-payment company.
As of today, we are proud to announce that @MoneyNetInt has joined #RippleNet ! Joining @Ripple and their Global Payment Network will allow us to process customers’ #payments anywhere in the world #instantly , #reliably & cost-effectively! #fintech #ecommerce #paymentsolutions pic.twitter.com/KSOCwIssLc
— MoneyNetInt (@MoneyNetInt) October 16, 2018
“By levereging Ripple’s blockchain technology, Moneytint will now be able to simplify and reduce the FX conversion rates for their customers, increase the speed of settlement and offer services to new markets that would otherwise have been too difficult or too costly to reach in the past.”
Yishay Trif, the CEO of Moneynetint, commented on the advantages in onboarding Ripple technology:
“Ripple’s technology is very interesting and can revolutionize the payments industry in the near future. Until now, if we wanted to connect to a certain company, we needed to do it through its API. This requires adjusting our systems to fit this API. This means costs and time.”
“With Ripple, we can connect to numerous companies via one API. It’s basically a hub for multiple end users. Connecting to banks that implemented the system is also much easier now.”
Both the Ripple’s partnerships contribute to its global adoption and make XRP one of the world’s best cryptos.