The fintech giant Ripple has announced that xRapid is now commercially available and soon it will be moved into production with multiple customers including Catalyst Corporate Federal Credit Union, MercuryFX, and Cuallix. Ripple is a leading provider of enterprise blockchain solutions for payments. Its newly launched product xRapid is a real-time settlement platform which allows financial institutions to source liquidity on demand.
RippleNet is a global network which offers fast, cheap, and more transparent international payments than traditional methods. The company is offering its services in 40 countries and 6 continents. From past one-year RippleNet is expanding its reach and network. The company has seen massive customer growth and signing an average of two production customer per week.
In May, the pilot project of xRapid was launched. In the pilot project payment providers and financial institutions such as Cuallix and MercuryFX has participated. The participants have reported that in the pilot project there was a transaction saving of 40-70 per cent and transaction speed increased from 2-3 days to just over two minutes. The main goal behind developing xRapid is to speed up cross-border payments and eliminating the need of pre-funded Nostro account. xRapid is sourcing the liquidity from cryptocurrency Ripple (XRP) on exchanges globally, which makes the international transactions cheaper and faster as compared to traditional payment methods.
Payment provider Cuallix is currently managing the remittance corridor from the United States to Mexico through its financial service platform Payllix, while MercuryFX is going to deploy xRapid in Europe to Mexico corridor. Catalyst Corporate Federal Credit Union, which serves as a member and client credit unions in the United States will use the xRapid platform to develop a new international payment service.
The price of Ripples’s XRP increased significantly after the announcement of xRapid launch and news about Ripple’s xCurrent product which will be used by the United States bank PNC’s Treasury Management unit to speed up the international payment. The price of XRP has even surpassed the market capitalization of the world’s second largest cryptocurrency Ethereum for two days at the end of September. Right now XRP is the third largest cryptocurrency by market capitalization.
Ripple has also partnered with three crypto exchanges- the U.S. based Bittrex, Mexican Bitso, and Philippine-based Coins. Ph to build a healthy ecosystem of the digital asset exchanges. Now the users will be able to use xRapid to move between XRP and U.S. dollars, Mexican pesos, and Philippine pesos respectively.