The Ripple team has announced the start of commercial use of the xRapid platform, designed to accelerate cross-border payments. This product by Ripple makes international transactions faster and cheaper than traditional methods.
The xRapid pilot project was launched in May with the participation of financial institutions and payment providers such as MercuryFX and Cuallix. During the project, it was possible to achieve 40-70% savings on transactions, and also to improve the speed of transactions from 2-3 days to several minutes.
Currently, Cuallix manages a key corridor of transfers between the US and Mexico, while MercuryFX expands xRapid between Europe and Mexico. According to the Catalyst Corporate Federal Credit Union, which serves credit unions for members and customers in the United States, they will use xRapid to develop a new international payment system.
Due to cooperation with Ripple, 3 cryptocurrency exchanges at once – the American Bittrex, the Mexican Bitso and the Philippine Coins.Ph – will use xRapid to exchange XRP for local fiat currencies.