RationalFX, a money transfer provider regulated by the UK’s Financial Conduct Authority, has teamed up with Ripple to facilitate cross-border payments.
RationalFX will leverage xCurrent. It supports instant cross-border payment settlement.
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Confirming the move, RationalFX said: “We’ve partnered with Ripple, to make your money transfers faster, easier and more secure.
“Join the thousands of clients currently using RationalFX to manage their international money transfers.”
With the alliance, RationalFX’s 180,000 clients will be able to make fund transfers to over 200 locations.
In addition, the firm confirmed that it has no plans of utilising xRapid as of now.
xRapid uses digital asset XRP to provide on-demand liquidity.
The solution will make payments quicker while reducing their costs.
RationalFX has already been using Ripple’s xVia.
xVia is an API solution, which allows payment originators to access the benefits of RippleNet such as quick market entries and reduced operational costs.
Last year, Kotak Mahindra Bank utilised xCurrent to support international money transfers.
Coinone Transfer, the remittance unit of South Korean cryptocurrency exchange Coinone, too used xCurrent.
Banco Santander utilised xCurrent to launch a new remittance service.
Mitsubishi, Standard Chartered, MUFG Bank and its Thai arm Bank of Ayudhya (Krungsri) also tapped xCurrent, and so was the central bank of Saudi Arabia .
