European money transfer provider RationalFX starts using Ripple's xCurrent



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/ latest / 2019/04 / european-money-transfer-provider-rationalfx-starts-using-ripple-s-xcurrent /

On Thursday (April 4), RationalFX Ltd (RationalFX) announced that it has partnered with Ripple to make "money transfers faster, easier and safer."

RationalFX was founded by Rajesh Agrawal and Paresh Davdra in 2005; the company started with "just a laptop and $ 3,000." The aim of the two founders was to provide "a much better and cheaper way for people and companies to transfer money abroad" than through a bank.

Since then, "without any loan or external investment," London-based RationalFX has become "one of Europe's leading international payment providers" with more than 100,000 customers and has processed about $ 10 billion in payments.

Here's how RationalFX made the announcement on Twitter:

Fans of Ripple heard about RationalFX almost a year ago (April 26, 2018) when Ripple mentioned him as a new customer in a post titled "xVia opens new doors in emerging markets" in his Insights blog.

In this blog post, Ripple started by explaining what xVia is:

"XVia enables financial institutions and companies to easily send payments to and from emerging markets by leveraging the benefits of RippleNet – Ripple's decentralized global payments network.

By providing a standard API solution, xVia enables companies that want to send payments – payment providers, digital wallets and other companies – to quickly scale their businesses, differentiate their services, and meet the unique needs of their customers. The individuals and companies that depend on them can send payments faster and cheaper anywhere in the world.

Similarly, for corporate markets and financial institutions that seek scale, xVia provides the only quick and simple way to send payments to new aisles, as well as creating a faster, more reliable user experience.

In this way, xVia serves as a vehicle for several different participants within the global payments ecosystem to interact and complete transactions directly – no longer requiring custom connections. It can also help smaller companies who want to take advantage of the same technology and standardized set of rules to send tracking payments in real time around the world. "

He then said that "FairFX, Exchange4Free, RationalFX, UniPAY and MoneyMatch" would be leveraging "xVia's standard API solution to generate payments through RippleNet and access new markets, including emerging markets more quickly and efficiently."

Although the original tweet from RationalFX did not mention what parts of Ripple technology it was using, later, when some members of the XRP community on Twitter asked if it was using xRapid, RationalFX's official Twitter sent this response:

Although some XRP fans might be disappointed to learn that RationalFX is not currently using xRapid, RationalFX started from the entry-level product xVia and then switched to xCurrent. So it probably would not be too surprising if at some point in the future he realized that he might be able to make additional savings by trying xRapid.

Marcus Treacher, Global Head of Strategic Accounts at Ripple, had this response to RationalFX's announcement:

Featured Image Courtesy of RationalFX Ltd

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