Ripple launches its XRP xRapid solution for faster transactional transactions
During his Swell 2018 conference in San Francisco, Ripple's CEO, Brad Garlinghouse, revealed that xRapid is currently available for commercial use.
This is Ripple's product that was designed to use XRP in order to allow financial institutions to send cross-border payments instantly with significant cost savings compared to traditional ways of doing business.
Ripple also revealed companies that are able to use its technology first and include MercuryFX, Cuallix and Catalyst Corporate Credit Union.
"XRapid eliminates the need for our pre-funded account when making a cross-border payment, providing liquidity from XRP on stock exchanges all over the world, so cross-border transactions take place within minutes and at a lower cost than traditional methods, which take days and incur high exchange fees, "says Ripple.
The three companies took part in the pilot phase of xRapid
Ripple said MercuryFX and Cuallix payment service providers took part in xRapid's pilot phase at the start of this year and saw immediate results in terms of cost reduction and increased speed.
MercuryFX will distribute xRapid in the corridor between Europe and Mexico.
The company claims that Cuallix currently focuses on the main remittance corridor from the US to Mexico and that the company will use its Payllix and Cuallet financial services platforms to provide a better customer experience for people and families who send money home .
In addition, Catalyst Corporate Credit Union Union is a co-operative financial institution that has served over 1,400 affiliates and client credit associations throughout the United States and will use xRapid on behalf of its members in order to create a new cross-border payment service.
"I'm really excited about bringing the product to the market at a time when there is a lot of skepticism about digital resources and their actual use," said Rique's senior vice president, CNHE, Asheesh Birla.
You can read the complete article here and find out exactly how Ripple plans on using xRapid.