xRapid platform in commercial use

Posted 02 October, 2018

Ripple solution xRapid is now commercially applied by three companies, as commented Ripple CEO during the San-Francisco Swell conference.

According to the news reports,  MercuryFX,  and  Catalyst Corporate Federal Credit Union have decided to put xRapid into commercial use. These companies are offering services for international and US-based money transfers. Notably,  Catalyst Corporate Federal Credit Union is a new member of the tests, while MercuryFX and  Cuallix took part in the previous trials as well.

As for others, xRapid was also tried by Western Union, MoneyGram, Viamericas and IDT, though they are yet to express interest in commercial use of the product.

The key feature of Ripple's product is the application of XRP token as an interconnecting unit. This instrument will fit payment providers and financial organizations that want to optimize costs and make cross-border payments faster. Ripple has also announced a partnership with some trading platforms that deal with xRapid exchanges – Bittrex (US dollar), Mexico (Mexcian peso) and Coins.ph (Philippine peso).

The trials of the project were launched in May. Notably, the companies that tested xRapid noted that they had managed to reduce costs by 40-70% and transaction processing to few minutes (2-3 days earlier).

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03 October, 2018 10:54

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