Ripple’s xRapid has been breaking barriers for traditional finance in the last month. xRapid was barely paid notice till May 10th 2018 when Ripple Labs mentioned the results of the successful xRapid pilot project.
Ripple Labs said:
”For payments in the critical remittance corridor between the U.S. and Mexico, financial institutions using xRapid saw a savings of 40-70 percent compared to what they normally pay foreign exchange brokers. An average xRapid payment took just over two minutes, compared to today’s average of two to three days when sending cross-border payments. The portion of the transfer that relies on the XRP Ledger takes two to three seconds, with the additional processing time attributed to movement across the intermediary digital asset exchanges and local payment rails.”
Currencies Direct is the latest financial company to incorporate xRapid. Currencies Direct was established in 1996 by Mayank Patel and Peter Ellis and has become a very popular UK-based foreign exchange broker and international provider. Currencies Direct has more than 300 employees, 19 offices around the world and the company transfers more than £4.5 billion annually. It is proclaimed to be one of the largest currency firms in the UK.
Currencies Direct used xRapid in some pilot transfers and was shocked at the fantastic results. The speed transfer took a few seconds as compared to the traditional 5 days, which made the team of Currencies Direct extremely delighted.
Currencies Direct highlighted that xRapid’s is ”a technological proof of concept for XRP as a means of value transfer, achieving superior speed of payment and end-to-end transparency.”
Brian Harris, Currencies Direct’s chief product officer, was amazed by the results of XRP in Currencies Direct’s day to day functioning. Harris said:
“Our trial with XRP was a resounding success. We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers. Our goal is to offer the best possible service. We believe that utilizing cryptocurrencies in this way — as a transfer of value, rather than as a store of value — is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies and we’re proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers. This revolutionary step will change the functions of foreign exchanges and traditional companies in the international payment sector,”
Ripple’s xRapid is not just fast, but incredibly cheap with much less fees required compared to traditional financial transfers.
Asheesh Birla, Senior Vice President at Ripple, was very confident about xRapid. Birla said:
“The results speak for themselves — xRapid leverages XRP to transform the way money moves by significantly lowering the cost and time it takes to make a cross-border payment. xRapid offers an enhanced payments experience, while also allowing payment providers to gain a competitive advantage in the market.”
If you were wondering how xRapid works it is best to read it from the horse’s mouth. Ripple’s Asheesh Birla writes:
“A payment journey with xRapid looks like this: a financial institution connects directly to digital asset exchanges in both the originating and destination corridors. The originating currency is exchanged into XRP which provides the necessary liquidity to power the final payment, and then in seconds that XRP is exchanged into the destination currency in the second digital asset exchange. Once this transaction takes place, the funds are sent out on the local rails of the destination country for payout. The transaction is tracked end-to-end, and the result is a cross-border payment that is cheaper and faster than ever before.”
XRP is proving to be a game changer in the financial world with its extreme ease of cross-border transactions.