The number of companies ready to fully implement Ripple’s XRP-powered payment product xRapid is growing.
Ripple created xRapid to give financial institutions a real-time settlement solution that utilizes XRP to increase the speed and liquidity of cross-border payments.
Chris Larsen, one of Ripple’s co-founders, recently described exactly how the technology can be utilized, using a cross-border payment from the US to Mexico as an example.
7 Ripple Partners Ready to Use xRapid
Crypto exchanges Bittrex, Bitso and Coins.ph are the latest partners that will use xRapid to send instant cross-border payments with low fees.
London-based Mercury FX is also on board, after recently completing a pilot test and calling the raw speed of xRapid “unbelieveable.”
In Q1, along with other xRapid pilots customers, we have proved that #xRapid can lower liquidity costs & increase payment speed and transparency using #XRP. We are looking forward to continued successful testing and going into production.https://t.co/hlYDcFyG7o
— Mercury-fx Ltd (@mercury_fx_ltd) April 26, 2018
SBI’s new crypto exchange, SBI Virtual Currencies, is also planning on joining xRapid to help financial institutions send cross border payments.
Cuallix, a company that operates in the US, Mexico and Hong Kong, and offers the unbanked a way to make international payments, is also preparing to go into production. Last but not least, Canadian cross-border payments company Zip Remit, a long-time backer of XRP, is on board as well.
Western Union recently announced that its pilot of xRapid did not save the company time or money. Ripple says the results show smaller financial institutions and startups are more likely to initially see significant savings with the technology.
Sagar Sarbhai, Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, recently said the company is gearing up for xRapid’s official launch in about a month.