Ripple XRP-Powered xRapid Blockchain Payment Product has 7 Partners Onboard Already
Ripple has 7 Partners That Could Start Using the xRapid Solution
There are many different companies that are analyzing whether to use Ripple’s product xRapid. The number of firms interested in the service has grow in in the last months.
xRapid is one of the latest products that has been developed by Ripple and that aims to provide financial institutions real-time settlement using XRP. This would clearly increase the efficiency of these companies by reducing transaction times and fees, and increase liquidity.
At the moment, there are 7 companies that are planning to use the xRapid products. We can mention the cryptocurrency exchanges Bittrex, Bitso and Coins.ph. All of them are searching new ways to improve their cross-border payments.
Mercury FX is also planning to use the xRapid product after different pilot tests that the company conducted. The company explained that the results of the tests using the xRapid products were very promising.
At the same time, SBI Virtual Currencies is also planning to join companies that are planning to use the xRapid product. Moreover, Cuallix, an important company that operates in several countries is also thinking about using this product. Additionally, the Canadian cross-border payments company Zip Remit, is also working with Ripple.
MoneyGram, Cambridge Global Payments, IDT corporation and many others are officially piloting xRapid.
Nonetheless, Western Union, for example, explained that its pilot with the xRapid product did not help the company to save time and money. About this, Ripple explained that the product could eventually be more useful for smaller companies.
The first pilot results for the xRapid product were very promising. According to a press release written by Asheesh Birla, Senior Vice President and Product Management at Ripple, said that the product was tested in a critical remittance corridor between the US and Mexico with very good results.
“For payments in the critical remittance corridor between the U.S and Mexico, financial institutions using xRapid saw savings of 40-70 percent compared to what they normally pay for foreign exchange brokers,” commented Mr. Birla.