Ripple announced the commercial use of xRapid

Victoria SavchukOctober 2, 20180
xRapid

Three companies at a time have started to use the payment platform xRapid commercially. This information was introduced by the Ripple CEO Brad Garlinghouse at the Swell Conference in San-Francisco.

The most important feature of xRapid is considered to be the usage of XRP token. The solution is aimed at payment providers and financial institutions, seeking to improve clients’ experience and minimize cross-border fees.

According to the Ripple CEO, three companies which have already started to use xRapid are MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union.

MercuryFX specializes in international payments, Cualix makes calculations between the U.S. and Mexico, while Catalyst Corporate Federal Credit Union provides financial services for nearly 1400 credit unions, primarily in the western and south-western regions of the USA. MeercuryFX and Cualix took part in the xRapid testing earlier. Catalyst Corporate Federal Credit Union has become a new Ripple partner.

The project participants managed to eliminate transaction costs by 40-70%, as well as to accelerate the speed of payment processing from 2-3 days to “almost 2 minutes”.

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We wrote earlier that Ripple is going to launch xRapid this autumn.

 

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Victoria Savchuk