xRapid, Ripple’s XRP-based payment platform which is planned to be launched in the next four months is ready, dailyhodl reports August 21.
Ripple’s chief marketing strategist Cory Johnson stated:
“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”
Ripple’s partners are testing xRapid and according to a cross borders payment test system, it is 40-70% cheaper than traditional methods. This translates to over $10billion savings annually.
Currently, 10 companies declared they are testing xRapid: MoneyGram, Currencies Direct, Mercury FX, Western Union, IDT, Cambridge Global Payments, Viamericas, SBI Virtual Currencies, Cuallix and Zip Remit.
While Mercury FX finds the transaction speed of xRapid very satisfactory, industry giant Western Union finds it very expensive to implement globally.
It’s worth noting that XRP lost 92% of its value since peak time
WHY IS IT IMPORTANT?
- Ripple must break the perception of disappointed investors by accomplishing industry beneficial projects like this one.
- Recently, Ripple has partnered with Bittrex, Bitso and Coins.Ph cryptoсurrency exchanges. The platforms will use its xRapid product, developed for international payments.