Ripple has been on a roll of late in terms of partnerships, as recently the FCA-regulated foreign exchange company RationalFX announced it will be the latest to partner with Ripple. The partnership is set to enable RationalFX’s 180,000-strong customer base to make cross-border payments to over 200 destinations.
The partnership is considered to be mutually beneficial, as RationalFX will reap the benefit from having faster transfers that are easier and more secure for their customers. Meanwhile, Ripple’s tools will benefit from partnering with a firm that has conducted over $10 billion worth of transactions since 2005.
RationalFX has made it clear, through their Twitter, that for now they will only be using xCurrent. xCurrent is an enterprise solution that allows companies to conduct cross-border, real-time payments with other members on RippleNET through a range of currencies, not just XRP.
RationalFX announced their partnership with the following tweet:
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.
Find out more > https://t.co/Li3cri5bgi#Ripplenet #ForeignExchange pic.twitter.com/N0UVQWxa7w
— RationalFX UK (@RationalFX) April 4, 2019
RationalFX has stated that Ripple offers a great service that will help cut their operating costs. The company currently holds a total of 180,000 registered users that stand to benefit from the partnership.
RationalFX joined RippleNET over a year ago when they announced they would be testing Ripple’s xVia platform to help the firm conduct payments to and from emerging markets. Now, the company have expanded their usage of Ripple’s technologies with xCurrent.
Partnerships Keep Piling Up
Ripple continues to amass a slew of partnerships under the RippleNET payments network. Coinbase recently announced that they will be getting into cross-border payments and will use XRP to facilitate them. Ripple has also recently partnered with the India-based Federal Bank to help speed up their remittance payments. Furthermore, SBI holdings recently announced the addition of 13 leading banks to the Ripple family through their new MoneyTap application.
What Is Ripple?
Ripple is a San Francisco-based cryptocurrency company that specializes in helping businesses conduct cross-border payments and remittances. Their goal is to become a replacement for traditional cross-border payment systems, such as SWIFT, which often provides slow payments which take days to clear. Ripple, on the other hand, can perform international payments in seconds that are cheap to conduct and quick to clear.
Who stands to benefit more from this new partnership, Ripple or RationalFX? What do you think will be the next company to benefit from Ripple’s cross-border payment technology? Let us know in the comments!
