XRP News: Mercury Fx Ready To Go Global With Ripple With More Cross-Border Corridors Coming
What's Better Than Acquiring A New Customer?
Retaining the customer. That’s right! Ripple is not only acquiring new customers, but it is also building trust and opening up new possibilities with its current customer by providing them the solutions they want i.e. faster and cost-effective cross-border payments.
Mercury Fx, the Ripple client which is using its XRP-powered product xRapid is significantly experiencing an increase in the speed and lowering of costs in cross-border transactions. Recently, at Ripple Regional 2019 in London, Alastair Constance the CEO of Mercury Fx said xRapid has been “a great success so far,” and proving to be a better option than Ripple’s competitor and the leading global payment network Swift.
Mercury FX first did the trial with xRapid by sending payments to an orphanage in Mexico and then further tested it for commercial between the UK and Mexico.
“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. So we’ve already had the Mexican channel open up. It is live. It is being used.”
When it comes at high volume payments, he explained that the economics in favor of Ripple and xRapid payments, the numbers stack up so higher than Swift that they are actually “eye-watering.”
Currently Being Tested
Payments through xRapid are “Quicker, easier, and cheaper for sure,” says the CEO of Mercury FX which is a regulated global currency exchange provider with offices in London, Hong Kong, and Cape Town. The company is now planning to open up a new payment corridor to the Philippines as according to him xRapid opens up new markets for businesses that are immediately cost-effective to get into.
“I think today or tomorrow we’re testing the Philippines with an eye to going live in the next week or so,” added Alastair Constance.
“The reality is that what we can achieve with Ripple is the real democratization of payment network,” said Constance.
He explains that with the ease that payments can be made though XRP-based Ripple, “we are making banks into exchanges for payments,” as xRapid allows anybody to join this network and make immediate payments without having to delay the process by going through banks.
As for what are the future geographic targets are, Constance shared, “We have plans for the middle east, Canada imminently.”
Mercury FX has certainly big plans for future as he said,
“Two countries today, could be ten before the middle of the year,” as according to him, Ripple brings new markets that perhaps didn’t exist till now.