Mercury FX Uses Ripple’s xRapid to Send First XRP Commercial Payment To the Philippines
A global currency exchange provider with offices in places like London, Cape Town, and Hong Kong, Mercury FX, has decided to use the technology created by Ripple, xRapid, in order to make commercial payments to the Philippines. Now, the company has just made its first commercial payment ever using the technology.
The first commercial payment, according to the company, was made by a United Kingdom-based client which was sending money to the Philippines in order to pay for his honeymoon at the Edger Water Drive Spa Resort.
This was a very important development for Ripple and the company, as Mercury FX is not a small company using Ripple’s services, but rather a very important one. According to Mercury X, the plans are to open over 10 payment corridors around the world using Ripple to emit money via its XRP-based system.
Mercury FX affirms that there will varied routes and that they will include places like the Middle East and Canada.
Before this, the company was already using Ripple’s services for some months. The main difference was that they were all institutional payments made inside the company, not commercial payments from clients paying other institutions. So far, the largest payment ever made by the company was $4,574 USD, which was sent from the United Kingdom to Mexico.
Normally, such a payment would take around 30 hours. However, the payment was made within seconds using xRapid, which shows just how Ripple’s tech is fast and efficient. The lower fees also enabled the company to save around $102 USD, according to its own estimates.
Mercury FX CEO Talks About Ripple
The CEO of Mercury FX, Alastair Constance, has recently talked at the Ripple Regionals 2019, which was held in London. According to the CEO of the company, xRapid is faster than SWIFT, which makes it a great alternative in order to send money via cross-border transactions.
According to him, the company has just started to use the technology for commercial payments but they already are certain that the payments are way faster than SWIFT and considerably cheaper, too, which simply makes them the best option. He described the numbers as “eye-watering” and said that Ripple has one of the best solutions in the market.