The controversy around Ripple and its centralization, the pre-eminent currencies and the influence of banks apart, Ripple Labs is about improving the speed and cost of cross-border payments.
Mercury Ltd is one of the companies that uses Ripple's xRapid software, a value transfer solution that exclusively uses XRP as the settlement currency. They tweeted today of their transaction so far made using XRP tokens. They transferred about $ 4600 and saved "about $ 100 and 31 hours of processing" compared to traditional networks.
Mercury Twitter profile continues:
"Mustard Foods based in the UK has saved £ 79.17 and 31 hours on the transaction.
"As a food production company that supplies more than 500 restaurants in the UK and Europe, we pay suppliers all over the world to get quality ingredients for our customers – faster and cheaper payments enable us to process orders quickly and efficiently. grow our business. "James Durrant, sales manager. "
It has always been proclaimed that Ripple's broader XRP strategy is to generate a quick liquidation demand. Ripple is positioning XRP as the quick settlement technology to go with those quick payment systems. All of their payment technology is designed to settle for XRP.
The Ripple product for beginners keeps the feet of the banks wet – with xCurrent and xVia where they do not have to use XRP. Once there it is easy to gravitate on the next gear, the next product – xRapid. Like an extra gear on the car you already know. It is inevitable
xRapid is the only Ripple product that uses XRP. Other offers like xVia and xCurrent are systems that currently do not require / use XRP.
In other words, if the 100 banks you subscribe have no interest in xRapid, there will be no change in the price of XRP.
With xRapid Ripple, we want to eliminate delays in global payments while reducing costs dramatically. xRapid uses the technology behind the digital XRP asset to make cross-border payments truly instantaneous.
Some aggregated results of several xRapid pilots indicate that this ripple network has a bright future ahead of the joy of XRP owners.
For payments in the corridor of critical remittances between the United States and Mexico, financial institutions using xRapid have seen savings of 40-70 percent compared to what they normally pay in foreign currency brokers. An average xRapid payment took just over two minutes, compared to today's average of two or three days in sending cross-border payments. The part of the transfer that is based on the Ledger XRP takes two to three seconds, with additional processing time attributed to the movement through exchanges of intermediate digital goods and local payment rails.
A payment journey with xRapid looks like this: a financial institution connects directly to the exchanges of digital assets in the corridors of origin and destination. The currency of origin is exchanged in XRP that provides the liquidity necessary to feed the final payment, and then in seconds that the XRP is exchanged in the target currency in the second digital stock exchange. Once this transaction takes place, the funds are sent to the local railways of the destination country for payment. The transaction is tracked end-to-end and the result is a cross-border payment that is cheaper and faster than ever.
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