RippleNet’s new xRapid is set to make waves in international payment markets, shaking up traditional methods when it comes to processing transactions.
It’s been a big year for Ripple so far; from temporarily elbowing Ethereum out of second spot, to being crowned September’s best performing coin.
Beyond the price hikes, Ripple is also gaining traction for its disruption to traditional money markets, powering faster, cheaper and more transparent cross-border payments to more than 40 countries across six continents using it’s digital asset XRP.
xRapid is the Ripple product powering these transactions, which eliminates the need for a pre-funded nostro account when processing an international payment.
By sourcing liquidity from XRP on exchanges around the world, xRapid can facilitate cross-border payments in minutes and at a rate it says sits at a lower cost than traditional methods, which can take days and incur high foreign exchange fees.
In an announcement released today, Ripple said xRapid was now commercially available and moving into integration with several parties.
This includes payment providers MercuryFX and Cuallix, as well as wholesale cooperative financial institution Catalyst Corporate Federal Credit Union.
MercuryFX plans to deploy xRapid across its Europe and Mexico corridor, with Cuallix seeking to use it within its financial services platforms Payllix and Cuallet in the US and Mexico.
And Catalyst Corporate Federal Credit Union (CCFCU) will use xRapid to create a new cross-border payment service for its 1,400 member and credit unions throughout the US.“The traditional international wire experience fails to meet today’s expectations from a price, speed and ease-of-use perspective,” said CCFCU senior vice president and COO Brad Ganey.Click To Tweet
“Blockchain technology, and specifically Ripple’s xRapid product, resolves all three of these challenges simultaneously.”