Mercury FX To Use Ripple’s Platform To Reach Inaccessible Markets, Joins RippleNet
The international payment company MercuryFX has recently joined Ripple in an effort to make quick transfers with a low value around the world. The goal of the firm is to be able to reach markets that were too expensive to access before.
As Mercury FX’s clients are very wealthy people and big businesses', they often want very low fees and have plenty of options to choose from, so it is a very competitive market. By using the technology provided by Ripple, Mercury FX can offer payment methods that will meet this demand.
The company’s CEO Alastair Constance informed that high-value transactions were the “sweet spot” of the firm, but that now the executives see some space to grow in the area of cross-border payments as well. This is partly because Ripple can enable these payments to be at least 100 times faster than they were before using RippleNet.
With its On-Demand Liquidity product (known before as xRapid), Ripple was able to create a connection between the USD and Mexico. Previously, it was considered an “arduous” process to send money to Mexico, but now people can do it easily and with really low fees.
Constance believes that this will open up new payment channels and really start to make these transfers economically viable. The price to send money went from $50 to $2 USD, for example. This will greatly benefit big companies that are clients of Mercury FX.
Now, the company is expected to continue using Ripple’s On-Demand Liquidity product to reach other countries. There is interest to create payment routes to the United Arab Emirates and the Philippines, for instance, which are two countries that have a demand for this kind of service.