International currency exchange provider Mercury FX says it plans to open up as many as 10 new payment corridors using Ripple’s XRP-based xRapid by the middle of this year.
At Ripple Regionals 2019 in London, CEO Alastair Constance revealed the company will use xRapid to power payments from the UK to Canada and the Middle East in the near future, in addition to Mexico and the Philippines.
“We have plans for the Middle East. We have plans for Canada, imminently. But I think the really exciting thing that xRapid and Ripple brings is it actually brings access to new markets that perhaps aren’t actually accessible now…
It’s two countries today. It could be 10 before the middle of the year. And what stops it from being any more than that?”
According to Constance, xRapid is giving customers a chance to see the benefits of blockchain technology first-hand, with payments that execute in an instant at a fraction of the cost.
“I think from a customer point of view, you almost don’t want to show them too much of the technology or explain too much of why it’s working as it is. I don’t understand how a car works, but if it parks for me that would be even better. And I think it’s the same kind of thing. But what they are seeing is payments arriving in one-hundredth of the time and they’re paying a lot less, if anything, for it. And I think that’s the key.
So when you’re looking at high volume payments for companies involved in import/export or remittances or whatever the case may be, when you start to look at the economics of how they stack in favor of a Ripple payment over xRapid, perhaps over Swift, the numbers are actually quite eye-watering.”
Founded in 2007, Mercury FX has offices in London, Hong Kong and Cape Town. As an alternative to banks, it trades in the interbank foreign exchange markets and specializes in foreign exchange, international transfers and payments, and currency hedging.