Blockchain group Ripple ropes in MoneyMatch for frictionless payments

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KUALA LUMPUR (April 26): Malaysian fintech firm MoneyMatch Sdn Bhd has signed on with enterprise blockchain solution provider Ripple to utilise the latter’s xVia solution to facilitate frictionless payments over its proprietary network, RippleNet.

In a statement, Ripple said it had roped in five new customers for its xVia solution, namely Fair FX, RationalFX and Exchange4Free from the UK, Georgia-based UniPay and MoneyMatch.

xVia is an application programming interface (API) solution enabling payment originators — those sending a payment on behalf of a customer — access to RippleNet for faster entry into new markets, lower operational costs, increased speed and end-to-end visibility of transactions.

“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,” said Ripple senior vice president of product Asheesh Birla.

With xVia, payment originators would only need to maintain one standard connection to RippleNet, therefore reducing the high failure rates commonly seen in traditional wire transfers and lowering manual reconciliation costs.

At press time, XRP, a digital asset, which exists independently of Ripple was trading at 79.77 US cent, giving it a market capitalisation of US$31.23 billion.