Ripple (XRP) has officially announced that RippleNet is now giving on-demand liquidity services to fintechs for cross-border payment settlement with the use of xRapid, which fully depends on XRP, a digital asset managed by Ripple.
With RippleNet’s expanding network, massive customers’ growth and over 100 big banks including central banks joining the network, there is hope that this network will benefit XRP.
At the moment, RippleNet is being used in over 40 countries and six continents including Nigeria. The network has been at the fore of crossborder remittance and appreciated by the central banks including Saudi Arabia Monetary Authority.
xRapid Officially Available For Commercial Use, To Promote XRP
The tool to be used by RippleNet is xRapid. This Ripple product will be used in powering transactions, however, it has now been commercially made available with multiple customers queuing to use xRapid’s awesome service.
At the moment, Catalyst Corporate Federal Credit Union, Cuallix, and MercuryFX are xRapid reputable customers.
xRapid eliminates the need for a pre-funded nostro account when executing a cross-border payment. It sources liquidity from XRP on exchanges around the world. As a result, cross-border transactions occur in minutes and at a lower cost compared to traditional methods, which take days and incur high foreign exchange fees.
According to an announcement by Ripple (XRP), this year, MercuryFX and Cuallix were part of the fintechs that participated in the pilot phase of xRapid. Interestingly, MercuryFX aims to use xRapid in the Europe to Mexico corridor.
However, Cuallix will use xRapid in powering cross-border payment from the U.S. to Mexico. Cuallix, according to the announcement will use xRapid on its platforms i.e. Payllix and Cuallet to keep customers satisfied.
Meanwhile, Catalyst Corporate Federal Credit Union, a wholesale cooperative financial institution servicing over 1,400 member and client credit unions across the U.S. is deploying xRapid to service a maiden cross-border payment service for its members.
Speaking on the development, Alastair Constance, CEO and founder of MercuryFX, said,
“MercuryFX has been working closely with Ripple for more than a year to bring the power of RippleNet to our customers. 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.”
However, in its statement, Nicolas Palacios, CFO of Cuallix maintained that
“The promise of digital assets has always been faster, more efficient payments. 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.”
Brad Ganey, senior vice president and COO, Catalyst Corporate Federal Credit Union pointed that
“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. 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.”
Ripple SWELL 2018 Ongoing
Ripple is at present hosting bigwigs in the tech industry in Sans Franscisco at the Ripple SWELL 2018 which some enthusiasts opined will bring revolution to XRP in the nearest future. Today, 42nd President of the U.S delivered a keynote address.
President @BillClinton launches #SwellbyRipple with a bang. “You can’t apply a old regulatory regime to a new technology,” he says. “You could kill the goose that laid the golden egg.” #blockchain https://t.co/v8d6ptGwfs pic.twitter.com/AB9PnDz0Aw
— Cory Johnson (@CoryTV) October 1, 2018
Huge thanks to @BillClinton for speaking with us at #SwellbyRipple – couldn’t agree more that blockchain technology has incredible power to change the financial lives of so many people around the world.
— Brad Garlinghouse (@bgarlinghouse) October 1, 2018