A large credit cooperative, US Catalyst Corporate Federal Credit Union recently announced that they study recent product, Ripple, xRapid. The company made the announcement on his official Twitter page.
We’re making waves with Ripple! Look at how the blockchain can provide credit to cooperatives at a more rapid cross-border payments at a much lower cost – announced in a tweet from Catalyst Corporate.
Moreover, the company also expressed confidence that the Ripple technology is able to significantly reduce the time of transactions. Meanwhile, they said that the technology capability the Ripple to reduce the time of each transaction with a few days to a few minutes is very important. Moreover, it is also due to the fact that the demand for global remittances are currently rising sharply.
Chief operating officer Catalyst Corporate FCU, brad Ghani recently commented on the global remittance flows of US from the US to Mexico. He said that the average waiting time of transfer from the US to Mexico when you use Ripple xRapid takes less than three minutes. Thus, Catalyst Corporate will aim to send its first international transaction through the Ripple network in Mexico. Thus, the operations using the blockchain can be very useful for credit cooperatives, given that an e-Commerce transaction, according to some estimates, may reach the limit of almost $ 1 trillion by 2020.
Catalyst Corporate was founded in 1975. It serves 1400 credit cooperatives and customers across the United States. The main services of the company are: payment solutions, investment options, assistance in the management of balance sheet reports and support back office.
Meanwhile, Ripple willingly cooperates with other financial institutions, which are currently beginning to use the product xRapid.
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