Mercury FX CEO Says XRP-Based xRapid By Ripple Will Have Lower Costs And Higher Speeds Than SWIFT
Mercury FX Says Commercial Use Of XRP Is Boosting Transaction Speeds
According to Mercury FX, the services provided by Ripple with the XRP virtual currency are increasing transaction speeds and reducing costs for cross-border transactions. Alastair Constance, the CEO of mercury FX gave these comments at the Ripple Regionals 2019 event held in London.
He went on saying that the xRapid product is a better option than the SWIFT network that is becoming obsolete as time passes. Mercury FX is a global currency exchange that has offices around the world and that aims at creating payment corridors between different regions.
On the matter, the CEO of the company explained:
“We did our first live commercial payments a couple of weeks ago. So we are now making payments for a UK corporate to Mexico to import Mexican food. And they are moving a lot faster than payments would go through Swift, at a much lower cost.”
Alastair Constance said that they have already had the Mexican channel open up and it live and being used. They are also trying to set up a channel to the Philippines. Mercury FX has also informed about its largest payment across borders between the UK and Mexico. They sent 86,633 pesos (£3,521.67) from the UK to the Latin American country in just a few seconds.
— Mercury-fx Ltd (@mercury_fx_ltd) January 17, 2019
According to Mercury FX; it was possible for Mustard Foods to save £79.17 and 31 hours on the transaction.
Although Ripple is expanding, there are other firms and companies such as SWIFT and Stellar (XLM) that are trying to improve their services and offer similar services to what Ripple is currently providing. Stellar is another blockchain network that is currently competing against Ripple and the XRP cryptocurrency.
Ripple is also signing partnerships with two or three new companies per week that join the Ripple Network and there are more than a dozen companies that want to implement the xRapid solution.
At the time of writing this article, XRP is the third largest crypto with a market capitalization of $13.26 billion. Each XRP can be purchased for $0.32 according to data provided by CoinMarketCap.