FlashFX, a Sydney-based fintech startup, announced that it has gone live with a new foreign exchange payments solution that is built on Ripple and utilizes its digital currency XRP, in order to ease the process of foreign exchanges in Australia.
FlashFX is the first Australian digital currency business to receive the Australian Financial Services License (AFSL) from the Australian Securities and Investments Commission (ASIC).
The foreign exchange payment solution uses blockchain technology provider Ripple’s digital currency XRP for liquidity and provides transparency, near-real time settlement and transactional control to users, at the same time cuts the cost of cross-border payments.
“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,” Nicolas Steiger, CEO of FlashFX stated in a release.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) stated that Australia processes $50 billion a year in cross-border payments. FlashFX leverages proprietary infrastructure with other licensed money service businesses in relevant payment gateways and are actively seeking to facilitate other payment processors becoming Ripple-enabled.
FlashFX is meant to revolutionize the traditionally complex and opaque process of payments and shares Ripple’s idea of Internet of Value. It has invited interested parties to engage with it directly.
