Ripple has announced the release of its xRapid Payment solution for commercial use. As reported by a new report, “RippleNet has become a truly global network, powering faster, cheaper and more transparent cross-border payments to 40 countries and six continents.” Xrapid, the Ripple product powering the Ripple network, is already moving into production specifically for websites companies like MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union.
“xRapid eliminates the necessity of a pre-funded nostro account when executing a cross-border payment,” Ripple explains inside of an announcement published October 1st. “It sources liquidity from XRP on exchanges around the world. As a result, cross-border transactions happen to minutes and a lower cost in comparison with traditional methods, which take days and incur high forex fees.”
Payment provider companies MercuryFX and Cuallix were associated with the early participants in Ripple’s xRapid pilot phase beginning this holiday season. The companies report immediate ends up in speed and price savings, and MercuryFX is intending to deploy xRapid within the Europe to Mexico corridor.
“In pilot tests we saw the benefits of xRapid, and we’re excited to roll commercial payments out from the quarter,” said Alastair Constance, CEO and founder of MecuryFX. “The time to slow, expensive payments architecture is actually because the demand for global the means to access smooth-flowing capital has never been so acute.”
Cuallix is being focused on upgrading its key remittance corridor from the US to Mexico. XRapid will be implemented inside the company’s financial services platforms Payllix and Cuallet to raise money transferring for and families in local transactions.
“The commitment of digital assets has long been faster, better payments,” Nicolas Placios, CFO of Cuallix said. “Clients we started exploring xRapid for that financial services platforms Payllix and Cuallet – to aid our customers whose livelihoods be contingent on sending micro-payments efficiently to Mexico. Now, our customers can finally understand that promise.”
Finally, Catalyst Corporate Federal Bank will be using xRapid to establish a new cross-border payment service platform ready for its 1,400 member and client credit unions throughout the Nation. The company’s senior second in command and COO Brad Ganey stated,
“The traditional international wire experience is not able to meet today’s expectations from your price, speed and ease-of-use perspective. Blockchain technology, and specifically Ripple’s xRapid product, resolves these three challenges simultaneously. Catalyst Corporate, through our subsidiary companies’ technology platforms, will leverage the XRP digital focal point transfer money across borders instantly on the part of our 1400+ member lending institution. We have signed a production contract and tend to be currently building out our plan.”?