Mercury FX and Ripple’s xRapid to Speed Up Financial Payments from Canada to UK to Middle East
The CEO of Mercury FX, Alastair Constance, has announced that Mercury FX has commenced arrangements with the aim of using the xRapid framework by XRP, to run transactions many times faster than they currently are run.
This would be in the UK, the Middle East and also in Canada. However, the CEO has hinted that adding more countries to the list might be in the works.
Mercury FX And Its Plans For xRapid
The company plans to partner with XRP – which is arguably the third biggest cryptocurrency in the world only after Bitcoin (BTC) and Ethereum – to take advantage of their global reach in running financial transactions, ultimately making them a lot more cost-effective and a whole lot faster. Speaking on Mercury FX’s plan, Alastair said:
“We have plans for the Middle East. We have plans for Canada, imminently. But I think the really exciting thing that xRapid and Ripple brings is it actually brings access to new markets that perhaps aren’t actually accessible now…
Its two countries today. It could be 10 before the middle of the year. And what stops it from being any more than that?”
Using XRP and blockchain technology in general, Alastair has expressed that xRapid would lead the idea and the ultimate acceptance and implementation of blockchain technology for major transactions especially because their platform will ensure that transactions are completed in only a few seconds.
Alastair thinks that most customers wouldn’t care or want to know how it works as long as their transactions take a tiny fraction of the time that it currently takes. He said:
“I think from a customer point of view, you almost don’t want to show them too much of the technology or explain too much of why it’s working as it is. I don’t understand how a car works, but if it parks for me that would be even better. And I think it’s the same kind of thing. But what they are seeing is payments arriving in one-hundredth of the time and they’re paying a lot less, if anything, for it. And I think that’s the key.
So when you’re looking at high volume payments for companies involved in import/export or remittances or whatever the case may be, when you start to look at the economics of how they stack in favor of a Ripple payment over xRapid, perhaps over Swift, the numbers are actually quite eye-watering.”
Euro Exim Bank, based in England, has also adopted xRapid to make their transactions faster and to help their customers receive money wherever they are.
Graham Bright, the head of Compliance and Operations at the bank, recently said that their current most disturbing problem is finding a way their service to customers is as speedy, as protected and as dependable as they possibly can manage.
This is why they have also chosen xRapid. Graham said:
“We need our clients to be able to pay us in their local currency. It is very difficult for them to get a hold of dollars in some of the jurisdictions which we operate. So we need to make it easy to move funds as easily…and cost effectively as possible.”