Ends the test Currencies Direct international payments platform xRapid using Ripple XRP. This is one of the first successful tests of a digital asset as part of the main stream financial institutions. In fact, it marks a departure from the speculative trading in cryptocurrency, which still dominated the market, and the transition to the target digital assets – the status of the transfer value.
Tests Currencies Direct held a number of transfers between pre-selected organizations. It is confirmed that the payments took place within seconds, which is much more acceptable to the company compared to now spent a period of 3 to 5 days. The test was technological proof of concept XRP as a transfer of value, achieving an excellent speed of payment and end-to-end transparency compared to traditional payment methods.
– Our pilot with XRP was a resounding success. Currently, we are planning further action, but we collected the evidence already indicates that the use of XRP changes the rules, making the payments almost immediately and significantly improves service to our customers, says Brian Harris, chief product specialist at Currencies Direct. – We believe that the use of scriptaction so – how transfer cost and not as a store of value – is the next logical step for the industry.
With xRapid financial institution communicates directly with the exchanges in the countries of the sender and recipient. The currency of the sender is exchanged for XRP, then XRP for seconds is exchanged for the currency of destination. After this transaction the funds are sent to the recipient and transferred to the account in national currency. The transaction is tracked, the result is a cross-border payment, which is happening faster than ever before.
The results speak for themselves – says Ashish Birla, senior Vice President, product at Ripple. – XRapid uses XRP to transform the way the movement of money by significantly reducing costs and time required for cross-border payment. xRapid offers an extensive experience of payments, but also allows suppliers payments to gain a competitive advantage in the market.
Is a revolutionary step for the industry, and it clearly shows how FinTech companies such as Currencies Direct, to help revolutionize the financial services sector, adds Harris. We are proud to be early supporters of this technology.
We will add, at the time of writing, the Ripple is in the green zone, but XRP is traded slightly below the bar of $ 0.6.
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