Ripple Partner FairFX Was Granted Access To Bank Of England Settlement Accounts To Participate In UK Faster Payments Scheme
A Ripple partner based in the UK called FairFX, which is an e-banking solution, has recently announced that it was granted access to the Bank of England’s settlement accounts. Now, the company is set to become a direct partner for the UK’s Faster Payments Scheme program.
According to the company, this program is currently the only real-time 24/7 service that is constantly growing since its launch. Now that FairFX will be directly connected to it, it has been enabled to access the New Access Model that is extended to RTGS accounts of the Bank of England.
The CEO of FairFX, an executive named Ian Strafford-Taylor, has affirmed that getting the membership together with access to the accounts is a major step for the companies to achieve its objectives.
This development, he affirms, goes in line with the strategies created by the group and it can help to streamline their whole payment supply chain, as well as to deliver lower payment processing costs and improve the experience of the users while using their services.
The Faster Payments Scheme was created to inject more competition in the market and to make the sector grow, which can be a huge improvement for the country.
Also, by being a part of this project, FairFX will now be able to settle payments directly with any other member of the Faster Payments Scheme in the country. The company has already processed more than $1 million USD in transactions at this point and will be able to make even more of them.
Ripple And FairFX
The partnership between Ripple and FairFX started at half of last year. The companies have also partnered with UniPAY, MoneyMatch, Exchange4Free, and RationalFX. All of these companies would use xVia, a service for money remittance provided by Ripple.
According to the official material from Ripple, xVia is an API solution that enables the companies that send payments on behalf of customers to get the rewards of RippleNet, the Ripple network, which uses XRP tokens. This network is faster than most international remittance systems like SWIFT and it has lower operational costs.
All of these advantages make RippleNet and xVia interesting options for companies that work with international payments.