FairFX is an international payment services provider, offering services to customers in the UK since 2007. The Group has developed a cloud-based peer-to-peer payments platform that enables personal and business customers to make easy, low-cost multi-currency payments in a broad range of currencies and countries and across a range of FX products via one integrated system. The FairFX platform facilitates payments either direct to bank accounts or at over 30 million merchants and over 30 million ATMs in a broad range of countries globally via Mobile apps, the Internet, wire transfer and Mastercard/VISA debit cards.
Last year we got news that FairFx partnered with Ripple in mid-2018 to leverage their xVia platform. FairFx is going to leverage Xvia’s standard API solution to help power payments through RippleNert and access new markets including emerging markets faster and more efficiently.
FairFX has announced that it has been granted access to settlement accounts with Bank of England [BoE] and has become a direct partner of UK’s Faster Payments Scheme. FairFX can now directly settle payments with other members of FPS, and it is eligible to join other payment schemes in the UK like BACS, CHAPS.
We already know Bank Of England has been working with Ripple and now we get news that another Ripple partner FairFX has partnered with the BOE for faster payments. This is great news all around!