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XRP (XRP) xRapid technology, a payment system is currently undergoing the testing phase. Several companies are already using it as a payment method. Although no major bank currently takes part in the xRapid test, at the time when Ripple will be released in the next two months, important players in the banking and financial sector could come into play.
banks are now using the other xCurrent product from Ripple technologies. This is why switching from xCurrent to xRapid can be much simpler and faster for all of them. The Ripple statement states that its xRapid product is intended for financial institutions, especially for payment providers who want to reduce liquidity costs and improve customer experience.
xRapid to offer a scalable and efficient option for cross-border payment
At the moment, liquidity costs are quite high because a payment in an emerging market requires a local currency account prefunded. xRapid will drastically reduce this cost by using XRP as a digital resource and enable real-time payments in changing markets. The statement states that XRP was built for business use and will offer a highly scalable, reliable and efficient option for cross-border payment services.
Currently, Ripple is struggling to survive x the launch of XRapid could help boost the 2018 it is looking for. Ripple has yet to announce a date for the commercial launch of xRapid. However, Sagar Sarbhai, head of the Regulatory Regulations for the Asia-Pacific and the Middle East, Ripple recently hinted at the fact that Ripple will launch xRapid commercially very soon.
Ripple products ensure frictionless transactions
"We are working on this product for 2 to 3 years and I am very confident that in the next month we will see some good news coming when we launch the product live in production". Banks and institutions favor Ripple products because they make transactions possible without friction at a global level, while other current infrastructure for international payments is still a disaster.
Ripple uses XRP, the cryptocurrency token and the blockchain network to bypass the whole process. Once on the market, xRapid will manage the international conversion and transmission of funds.
