Ripple Reveals New Global Financial Institution Using XRP-Powered xRapid
Ripple has added a fourth name, Viamericas, to its list of financial institutions using XRP to power global money transfers. The company is a licensed international transmitter for global money transfers, bill payments and check processing.
In a new overview on xRapid – the company’s software API that uses XRP to increase the speed of cross-border transactions – Ripple names Viamericas alongside its three previously introduced xRapid clients.
“Global payment providers, such as Viamericas, Cuallix, IDT, MercuryFX and others are using xRapid to significantly lower their liquidity costs and send real-time payments — an industry first.
Using xRapid, RippleNet customers have saved up to 70 percent of the typical cost of a transaction, with XRP settlement happening in just three to five seconds”
Ripple officially launched xRapid as a commercial product at its recent Swell 2018 crypto conference in San Francisco, and the new document from Ripple outlines exactly how xRapid works.
“RippleNet customers can choose to access on-demand liquidity by implementing Ripple’s xRapid solution. xRapid is a single API that automates the entire process of instantly moving money from one country to another using digital assets. RippleNet customers simply initiate payments in their local currency and xRapid handles the rest.
xRapid converts the local currency into XRP at a digital asset exchange and sends it instantly across the XRP Ledger to the destination country. xRapid then converts XRP back into the local currency on the destination side and forwards the money to the beneficiary.”
Co-founder and CEO of Viamericas Paul Dwyer says he expects xRapid to grow into a key component of how international money transfers are processed.
“We believe that digital assets like XRP will play a key role in the future of cross-border payments, helping to safely address some of the structural inefficiencies of legacy settlement infrastructure.”
Viamericas says it now has thousands of agent locations in the US, and a network of over 76,000 payout locations throughout Latin America, India, China and the Philippines. The company was previously confirmed to be testing xRapid.
The International Finance Corporation, a part of the World Bank Group, is the company’s second largest shareholder.