xRapid, the Ripple real-time payment platform is now available. The company made an announcement on the 1st of October 2018.
xRapid is aimed at the speeding of international payments without the application of pre-funded accounts. The product is based on the XRP currency and is intended to make transactions significantly faster and cheaper.
The pilot project of xRapid was started in May, with many significant payment providers, such as Cuallix and Mercury FX. It was reported by the participants that they used to save up to 40 to 70 percent on one transaction. Another advantage was the transaction speed, which was reduced from some days to just a couple of minutes.
For now, Cuallix is going to establish via the new facility a key remittance corridor from the United States to Mexico, and MercuryFX is going to use the new platform to establish the corridor from Europe to Mexico. Some other companies are supposedly going to establish the new payment services, as well, however, the details haven’t been announced yet.
In August this year, Ripple partnered with three cryptocurrency exchanges: Bittrex, based in the USA, Mexican Bitso and Coins.Ph, located in the Philippines. The exchange will be used to move between XRP, USD, Mexican pesos and Philippine pesos.
Note: Ripple significance has increased recently, the currency has surpassed the Ethereum market capitalization and become the second largest cryptocurrency.