Ripple has been a prime candidate in facilitating other organizations with their cross border payment demands, and the company has gone far and beyond to expand its services to multiple regions. The effects of their developments are now being felt in those countries as FlashFX recently launched a mainstream advertisement for the service.
The company’s advertisement talks about sending money to the Philippines using Ripple and its proprietary technology, xRapid. FlashFX had first begun utilizing the cryptocurrency company’s services back in 2016 when they announced that the tie-up would improve the foreign exchange climate in Australia. FlashFX promised to deliver transparency, real-time settlement, transactional control to the user while at the same time cutting basic transfer costs.
Nicolas Steiger, CEO of FlashFX, had said:
“We are excited to be part of the evolution in international payments processing. It’s about time that consumers and businesses saw a meaningful change in how money is sent across borders. The service provides an alternative for Australians who want to send a payment faster and cheaper than banks currently provide.”
This time around, Steiger had noted that there was no doubt Ripple’s solution was the key to the future of cross border payments as it provides on-demand liquidity using a digital asset.
FlashFX considers Australia as a hotspot for cross border transactions because the Australian Transaction Reports and Analysis Centre had claimed that the country processes $50 billion a year in cross border payments. Native companies have also taken significant strides in making cross border transactions a hit and Coins.ph; a Philippine start-up has had taken a big one in April.
Coins.ph had partnered with banking giant Western Union to enhance its cross-border payments platform. The partnership would integrate Coins.ph’se-mobile wallet into its cross-border payments platform. This would enable Coins.ph customers in the Philippines to receive Western Union transactions.
Users in the community stated that new technologies would be the ones that will bring about revolutionary changes in the financial ecosystem rather than traditional methods. FlashFX is the second major company after MoneyGram that Ripple has partnered with to provide ODL. The strategic integration also resulted in Ripple’s ODL being included in MoneyGram’s current payment solutions.
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