Mercury FX says its commercial use of Ripple’s XRP-based xRapid is dramatically boosting the speed and lowering the cost of its cross-border transactions.
Appearing at Ripple Regionals 2019 in London, Mercury FX CEO Alastair Constance says xRapid is proving to be a better option than the leading network for global payments: Swift.
Mercury FX, a global currency exchange provider with offices in London, Hong Kong and Cape Town, is now planning to open up a new payment corridor to the Philippines.
“We did our first live commercial payments a couple of weeks ago. So we are now making payments for a UK corporate to Mexico to import Mexican food. And they are moving a lot faster than payments would go through Swift, at a much lower cost.
So we’ve already had the Mexican channel open up. It is live. It is being used. And I think today or tomorrow we’re testing the Philippines with an eye to going live in the next week or so.”
Last month, Mercury FX revealed the details of its largest xRapid commercial payment to date. The company says it used xRapid to send a payment of $4,574 from the UK to Mexico. The payment executed in a matter of seconds, compared to the 31 hours it would normally take on traditional payment rails. The lower fees saved the company a total of $102.
— Mercury-fx Ltd (@mercury_fx_ltd) January 17, 2019
Meanwhile, Swift is working to improve the speed, reliability and cost of its payments, and is currently testing a new payment system designed to counter Ripple and other emerging cross-border payment startups.
In an effort to reduce errors and delays, Swift’s new system will allow banks and financial institutions to share data and pre-approve transactions.