At today’s conference, Swell, Ripple CEO brad Garlinghouse announced the launch into commercial use xRapid, one of the three principal solutions for cross-border trade. Despite the willingness for global use, the product will be temporarily available for three companies: MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union.
In addition xCurrent, which is a solution for payment processing that allows you to use end-to-end encryption and bidirectional transmission of messages, uses the XRP xRapid. In other words xRapid eliminates the need for funding nostro accounts when performing cross-border payments. Due to this, the payments are not only cheap but also fast.
MercuryFX and Cuallix was one of the first who saw the benefits xRapid when they started testing the product in the beginning of this year. Ripple stated that MercuryFX will use xRapid in the corridors between Mexico and Europe, and Cuallix will use them to meet the needs of users in cross-border payments between Mexico and the United States. XRapid to complement and improve the user interface, Cuallix will also use it on their platforms Payllix and Cuallet. And at the same time, Catalyst Corporate Federal Credit Union said that credit unions 1400 will use xRapid to deliver cross-border payments in their own funds.
Digital assets have always promised faster and more efficient payments. That is why we started to study xRapid for our platforms in the financial services Payllix and Cuallet — to help our customers whose livelihoods depend on sending fast and easy micro-payments in Mexico. Now our customers can finally rejoice made the promise, – said financial Director Cualix Nicolas Palacios, speaking about the partnership with Ripple.
Interestingly, the news shot a few days after Surbhi Sagar, head of partner relations in the Middle East and Asia, said in an interview with CNBC that the company plans to launch xRapid in the coming months.
Honestly, it’s a major development for investors and the XRP community as a whole, which continue to see how the network expands its network and launches of key products that will be aimed at improving the efficiency and speed traditionally slow cross-border payments.
Now the network is growing with great speed, and in this press release, Ripple said the company signed an average of two productive client in a week, as she thus develops a truly global network. RippleNet is available in more than 40 countries on six continents. Most of these countries are developing economies of Africa, Europe, Latin America and South-East Asia, where the need for fast cross-border transfers is high and vital. Here 60 percent of the population work for small and medium enterprises, and when they use RippleNet, they save on the cost increasing because of this their livelihoods.
It is because of this unoccupied niche in the market, the community believes that with the launch of xRapid the company will redouble its efforts to provide services in these emerging economies where the demand for XRP as a tool of liquidity on demand will further reduce the cost of translations.
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