MoneyMatch Leverages Ripple’s xVia Blockchain to Send Funds Internationally
MoneyMatch Uses Ripple’s xVia to send Money Internationally
Recently, a Malaysian fintech company called MoneyMatch completed their first-ever cross-border transaction using Ripple’s xVia solution. This development is perceived by many as a significant milestone towards the mainstreaming of cross-border transactions.
Concerning this, Adrian Yap, the CEO of MoneyMatch, said that it is an indicator that the startup is capable of leveraging Ripple’s blockchain solution to perform a legitimate transfer of funds from Malaysia to Europe. Yap added that blockchain has the potential to revolutionize the country’s financial services industry.
As mentioned earlier, MoneyMatch used Ripple’s xVia platform to perform a swift and reliable cross-border transaction. In this case, the company used xVia to transfer money from Malaysia to Spain. This involves the conversion of Malaysian Ringgits into Euros, the preferred currency in Spain. The transaction was completed in a few hours, a huge improvement on traditional alternatives such as SWIFT, which usually takes up to three days. In addition to this, the company also sent money to Ireland, Germany and Latvia.
Besides MoneyMatch, xVia has been used on many other platforms to facilitate cross-border payments. The latest subscriber to this platform is Platio, an all-encompassing smart banking platform headquartered in London. In this regard, Dima Okhrimchuk, the CEO of Platio, said that the company aims to integrate the best functionalities of fiat and cryptocurrency systems into their comprehensive banking platform to promote the mass adoption of digital assets.
The popularity of Ripple in the banking industry looks set to increase even further after their strategic partner, Banco Santander, formed a collaboration with SWIFT. This will expand the bank’s services to cover the UK, Poland and Argentina. Specifically, Banco Santander will use SWIFT's infrastructure to provide cross-border payment services. Users of this platform will be able to track payments in real-time, as well as have full access to bank fees and exchange rates.