FlashFX Works with Ripple’s Blockchain Ledger to Provide Efficient Services to Transfer Funds
The financial company FlashFX is an example of how blockchain technology could help individuals to reduce their transaction costs when sending funds abroad.
In general, transferring money to other countries could take several days and be very expensive for customers. Things are changing thanks to the implementation of distributed ledger technology (DLT) and companies such as Ripple that are creating blockchain networks around the globe.
During a conversation with Crypto Tech News, Michael O’Sullivan and Nicolas Steiger, both founders of FlashFX, explain how they are using DLT to provide efficient services for transferring customers’ funds.
On the matter, they commented:
“As local country barriers come down, there is continued growth of global migration and everyone becoming a citizen of the world. There will be a corresponding growth in international payments to match the growth of migration and expansion of businesses. The future is a world with frictionless international payments as consumers demand instant transfers, easy verification, high security, and transparent processes.”
FlashFX aims at creating a world with international frictionless payments. The company is redesigning the current system bypassing middle layers and connecting users in the network directly. This would allow them to perform fast international payments in a trackable and cheap way.
According to the team behind FlashFX, the decision to start this project was to the fact that Australians did have limited choices available for transferring money overseas. Most of the services are managed by Australian banks, and the same happens with the money transfer market around to other countries. Due to this situation, users experience long time delays to receive money, high fees and uncompetitive exchange rates.
So as to be connected with other countries around the world, the company has decided to integrate its services with other payment protocols such as Ripple. Ripple is a company that is currently working in order to help financial institutions and banks process cross-border payments in a fast and cheap way.
As per the founders of FlashFX, Ripple provides several benefits to their customers, including reduced time for finding information and verifying transactions, reduced costs, increased transparency and also alleviated risk of collusion, tampering and fraud.
FlashFX has also been a strong supporter of regulation of virtual currencies. The CEO of the company, Nicolas, was a co-lead for the blockchain committee for Fintech Australia. He believes that the general population could start trusting blockchain technology.
The company has been using Ripple’s services for the last 2 years. The intention is to keep working with Ripple to expand the utilisation of their products opening new payment corridors and expand the offering for customers.
Ripple is working with more than 200 clients form all over the world allowing them to perform faster and cheaper transactions across borders. Ripple has also been leveraging the XRP cryptocurrency to source liquidity on-demand and reduce even further the costs for processing transactions.
Currently, the xRapid product is being embraced by several firms that work in the remittance market to offer better services to their clients. At the time of writing, XRP is the third largest cryptocurrency. It has a market capitalization of $13.11 billion and each XRP can be purchased for $0.3163.