Ripple's XRapid sees more than a dozen companies planning to use XRP for better cross-border payments

With another slow week in the markets, it seems like nothing much is happening. With Bitcoin [BTC] at the helm, bringing prices to a minimum of stability.

However, there is always something to do behind the scenes. Recently, Ripple [XRP] slipped one point down to 3^rd in terms of total market capitalization. Despite this, apparently twelve companies of a wide spectrum of backgrounds have aroused strong interest in adopting the Based on XRP xRapid.

Independent of its market size, xRapid and Ripple have made slow and continuous progress towards consolidating their offer. Collaborative efforts mean that the $ 14.6 billion coin has been able to carve out a niche for itself as a secure and reliable blockchain in the financial services industry.

For XRP, cross-border payments A focal point

In an effort to differentiate itself and gain a strong point of support in the industry, Ripple has sought to collaborate with banking and financial institutions around the world.

They have also enjoyed some success with their internal product, the cross-border payment system, xRapid. XRapid technology uses the Ripples XRP token, but is flexible enough to allow other options like xVia and xCurrent.

This gives it a wider appeal, something that has brought the exchanges from the Philippines, Coins.ph, to those in Mexico, to Bitso and also to big players like Bittrex, to adopt xRapid. Along with this, Bitstamp has also confirmed the intention to use xRapid to accelerate their payment interactions. This follows the massive expansion that XRP has seen in tightening ties with the banking sector in the Iberian peninsula and with the countries of South America.

Realizing the opportunity, not surprisingly, XRP has made payments and banking interactions their main objective.

What is xRapid

With continued development and success xRapid is gaining a lot of attention from industry observers. Speaking of their flagship product, Ripple executive president Chris Larsen said this,

"XRapid, this is a component of RippleNet, which allows payment providers to reduce the cost and liquidity for their global payments."

Speaking at a gathering in California, he used an example to show how this technology allows a bank, from anywhere, to send money to Mexico. While the interaction will actually use XRP as an intermediate currency, neither end must actually contain XRP

Ripple that attracts the right kind of attention.

Success stories like Western Union and Santandar have certainly helped things and Ripple has been able to convince other platforms like Cualliz and Mercury FX to use xRapid to process their payments more efficiently. This means that it functions more like a bridge between the freedom that Satoshi's vision seeks and the rigid rigidity with which the current banking system operates.

Furthermore, this type of partnership elevates the reputation of technology. Therefore, more and more institutions are trying to incorporate the blockchain into their ecosystem. This bodes well for both XRP and industry in general.