Catalyst Corporate Federal Credit Union is laying out its future plans for Ripple’s XRP-powered xRapid.
CEO Kathy Garner says the firm, which serves more than 1,400 member and client credit unions throughout the US, plans to utilize the cross-border payment solution to boost payments to Mexico.
“One of Catalyst Corporate’s largest endeavors in 2018 was forging a strategic partnership with Ripple, the leading enterprise blockchain provider for payments. Our goal is to send international payments to Mexico via Ripple’s blockchain solution. With this cooperative arrangement known as ‘Currentz’, secure cross-border money transfers can be completed within minutes.”
Catalyst COO Brad Ganey says xRapid is giving companies a cost-effective way to ditch traditional wire services.
“The traditional international wire experience fails to meet today’s expectations from a price, speed and ease-of-use perspective. Blockchain technology, and specifically Ripple’s xRapid product, resolves all three of these challenges simultaneously.
Catalyst Corporate, through our subsidiary companies’ technology platforms, will leverage the XRP digital asset to transfer money across borders instantly on behalf of our 1400+ member credit unions. We have signed a production contract and are currently building out our plan.”
The firm has not yet revealed a launch date.
Meanwhile, Peter Brandt is offering his outlook on XRP. The veteran commodities trader says the digital asset is coiling up.
Coiling is a technical sign indicating that a big move is on the horizon. However, that move can be in either direction.
Brandt famously called last year’s Bitcoin and crypto crash before it happened. In his January 2018 tweet, he urged people to realize he’s not a hater – despite the bearish sentiment.