Ripple has announced the release of its xRapid Payment solution for commercial use. According to a new press release, “RippleNet has become a truly global network, powering faster, cheaper and more transparent cross-border payments to over 40 countries and six continents.” Xrapid, the Ripple product powering the Ripple network, is now moving into production to be used for third party companies like MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union.
“xRapid eliminates the need for a pre-funded nostro account when executing a cross-border payment,” Ripple explains in an announcement published October 1st. “It sources liquidity from XRP on exchanges around the world. As a result, cross-border transactions occur in minutes and at a lower cost compared to traditional methods, which take days and incur high foreign exchange fees.”
Payment provider companies MercuryFX and Cuallix were among the early participants in Ripple’s xRapid pilot phase beginning this year. The companies report immediate results in speed and cost savings, and MercuryFX is planning to deploy xRapid in its Europe to Mexico corridor.
“In pilot tests we saw the benefits of xRapid, and we’re excited to roll commercial payments out within the quarter,” said Alastair Constance, CEO and founder of MecuryFX. “The time to replace slow, expensive payments architecture is now because the need for global access to smooth-flowing capital has never been so acute.”
Cuallix is focusing on upgrading its key remittance corridor from the US to Mexico. XRapid is being implemented into the company’s financial services platforms Payllix and Cuallet to improve money transferring for individuals and families in local transactions.
“The promise of digital assets has always been faster, more efficient payments,” Nicolas Placios, CFO of Cuallix said. “That’s why we started exploring xRapid for our financial services platforms Payllix and Cuallet — to help our customers whose livelihoods depend on sending micro-payments easily and quickly to Mexico. Now, our customers can finally realize that promise.”
Finally, Catalyst Corporate Federal Credit Union will be using xRapid to create a new cross-border payment service platform for its 1,400 member and client credit unions throughout the United States. The company’s senior vice president and COO Brad Ganey stated,
“The traditional international wire experience fails to meet today’s expectations from a price, speed and ease-of-use perspective. Blockchain technology, and specifically Ripple’s xRapid product, resolves all three of these challenges simultaneously. Catalyst Corporate, through our subsidiary companies’ technology platforms, will leverage the XRP digital asset to transfer money across borders instantly on behalf of our 1400+ member credit unions. We have signed a production contract and are currently building out our plan.”
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