The British company Currencies Direct made an international payment using the XRP token on the xRapid platform from Ripple.
Why it is important
- Ripple’s representatives are sure that successful trials represent a revolutionary step for the FinTech sector.
- Currencies Direct also believes that utilising cryptocurrencies as a transfer of value, rather than as a store of value - is the next logical step for the industry.
The foreign exchange broker and international payment provider conducted a number of transactions with one of the foreign partners on xRapid as part of the tests. As a result of the test of international payments, which usually take 3-5 days, they were completed on a blockchain platform in a few seconds.
“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,” - Brian Harris, Chief Product Officer at Currencies Direct, said.
The British company joined the RippleNet network last October.
In the beginning of May, Ripple announced results from several early xRapid pilots and xRapid technology, which have turned out to be successful. In an official statement, Ripple said that participating financial organizations would save between 40%-70% in comparison to the costs they would normally incur if they used the services of traditional providers.
By Ekaterina Ulyanova