Companies are beginning to implement Ripple’s xRapid. XRapid is an XRP-powered payment system created by Ripple which allows financial institutions a real-time payment solution that uses XRP to increase speed and liquidy of global payments.
Chris Larsen, a Ripple co-founder, described how the tech can be used and showed off a payment between US and Mexico as a demonstration. Ripple has confirmed seven companies ready to utilize their technology.
Crytpo exchanges Bitso, Coins.ph, and Bittrex are the newest partners to join the pack. xRpaid will allow them to send instant cross-border payments with minimal fees. Mercury FX is also part of the pack after completing a pilot test and statting the speed of xRapid “unbelievable.”
In Q1, along with other xRapid pilots customers, we have proved that #xRapid can lower liquidity costs & increase payment speed and transparency using #XRP. We are looking forward to continued successful testing and going into production.https://t.co/hlYDcFyG7o
— Mercury-fx Ltd (@mercury_fx_ltd) April 26, 2018
SBI Virtual Currencies, Cuallix, and Zip Remit have also confirmed partners. Other companies such as IDT corporation, MoneyGram, and Cambridge Global Payments are currently piloting the technology. Western Union also announced ts pilot test of the technology and said that it didn’t save the company time or money and offered no benefit. Ripple said that the results are geared towards smaller financial institutions will see the most benefit from xPaid.
Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai, said that xRapid will officially launch in a month.
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