Ripple, the provider of the leading enterprise blockchain solutions has announced that xRapid, its product that enables financial institutions to source liquidity on demand, is now commercially available and is moving into production.
MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union are already in the customer list of xRapid .
xRapid is a platform that speeds up international payments eliminating the requirement of a prefunded nostro account. The product sources liquidity from digital currency XRP on exchanges globally, helping cross-border transactions faster and cheaper compared to traditional methods.
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MercuryFX has been working closely with Ripple for more than a year to bring the power of RippleNet to our customers."
said Alastair Constance, CEO and founder of MercuryFX. "
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.”
“The promise of digital assets has always been faster, more efficient payments." said Nicolas Palacios, CFO of Cuallix. "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,”
“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." noted Brad Ganey, senior vice president and COO, Catalyst Corporate Federal Credit Union. "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.”
2018 has been a great year for RippleNet and have dramatically expanded its reach and network. They have seen massive customer growth as well as signing an average of two production customers per week. RippleNet has become a global network that powers fast, cheap and more transparent cross-border payments, compared to traditional methods, to over 40 countries and six continents.
Over the last month, the value of Ripple’s XRP token has escalated significantly resulting in surpassing the market capitalization of Ethereum (ETH). XRP has been the second largest crypto on September 21 and September 26.