xRapid is Live, Is Ripple One Step Ahead of Its Competitors?

3 min read

The Californian financial company Ripple has finally launched its so-publicized project xRapid. 

San Francisco-based business Ripple announced during its conference dubbed “Swell by Ripple” held in San Francisco between 1-2 October 2018 that the company’s payment solution xRapid went live. Three companies have already signed to use the XRP-based product.

Until yesterday, 1 October, xRapid, used as an intermediary for payments, was active in the beta testing period. Only a few companies have been able to test the product. According to the company, nowadays, many investors such as Mercury FX, Cuallix, and Catalyst Corporate Federal Credit Union will have the green light to integrate xRapid into their production systems for an efficient payout corridor.

Faster transactions, lower costs

xRapid “eliminates the need for a pre-funded nostro account when executing a cross-border payment”, and it “sources liquidity from XRP on exchanges around the world.” Bearing this in mind, the product promises faster transactions at a lower cost.

According to the company, MercuryFX and Cuallix are ones of the companies that have been involved in the pre-launch of xRapid, supporting the parent company to save money and time. Mercury FX will use xRapid for the Europe-Mexico corridor, while Cuallix will focus on the US-Mexico corridor.

The CEO and founder of MercuryFX, Alastair Constance, claimed:

“MercuryFX has been working closely with Ripple for more than a year to bring the power of RippleNet to our customers. In pilot tests we saw the benefits of xRapid, and we’re excited to roll commercial payments out within the quarter. 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.”

On the other hand, Nicolas Palacios, the CFO of Cuallix, elaborated:

“The promise of digital assets has always been faster, more efficient payments. 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.”

Ripple’s product has been praised since its beta testing was released, due to the new solutions and benefits it can bring to the market.

Asheesh Birla, Ripple’s Senior VP of xRapid, told CNBC:

“I’m really excited to bring the product into the market at a time when there is a lot of skepticism about digital assets and their real use case. Here’s something where we’re finding a ton of value and providing a ton of value to our customers using digital assets to move money more efficiently.”

Author:

Adriana Midrigan

Elite CurrenSea


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