xRapid Now Commercially Available

| Publish date: 10/02/2018
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xRapid, Ripple’s crypto product for international payments is now commercially available and is going live with three financial institutions on board.

Using XRP for Cross Border Payments

San Francisco based Ripple announced on Monday that xRapid would be able to carry out cross-border payments in a matter of minutes. This is because the platform would be using Ripple’s native cryptocurrency XRP (also called Ripple) as a bridge currency. This, according to the fintech firm, was what would reduce the cost as well as substantially increase the speed of transactions for international payments.

Additionally, users of xRapid would not need to have a pre-funded Nostro account. The liquidity would come from XRP on cryptocurrency exchanges globally, thereby eliminating the need to massive amounts of liquidity (which is one of the reasons why cross-border payments are so expensive currently).

Three Companies Already on Board

The first three companies – Cuallix, Catalyst Corporate Federal Credit Union and MercuryFX – are already onboard to use xRapid as it goes commercial. This was revealed by Ripple’s Chief Executive Officer Brad Garlinghouse at the company’s Swell Conference in San Francisco yesterday.

These companies had also been involved – among others – in the platform’s pilot phase, and they all reported savings of 40% to 70% during that time. The companies also reported that transaction times dropped massively from the normal 2 to 3 days to a little over two minutes.

Currently, Cuallix will manage transactions between the US and Mexico. Mercury FX will use xRapid for international payment transactions from Europe to Mexico. Catalyst Corporate Federal Credit Union, a company that serves client as well as members of credit unions in the US, will employ xRapid to develop its own new international payments service.

Using Cryptocurrency Exchanges

Two months ago in August, Ripple had partnered with 3 cryptocurrency exchanges in different parts of the world to build a healthy ecosystem of digital currency exchanges across the world. These three exchanges are Bittrex in the United States, Bitso in Mexico and Coins.Ph in the Philippines.

Together, these three cryptocurrency exchanges will use xRapid to move between three different currencies – the US Dollar, the Mexican Peso and the Philippine Peso.

Ripple has been taking the financial industry by storm in recent months. The announcement that American bank PNC’s Treasury Management business division was going to use Ripple’s xCurrent platform for speeding up international transactions, followed by the announcement of xRapid’s launch led to the price of XRP skyrocketing.

In fact, the price of XRP went up so high that it overtook Ethereum as the second most valuable cryptocurrency in terms of market capitalization for a short while.

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