Ripple’s xRapid to be deployed live by three customers
Cryptocurrency and blockchain network operator Ripple announced on Monday that its new cross-border payments platform xRapid was now commercially available and had signed up three new customers.
Ripple said that it had signed up Cuallix, MercuryFX and Catalyst Corporate Federal Credit Union as clients and that they were moving from pilot testing the payments platform and moving to full commercial use.
In a press release published by Team Ripple on Monday, RippleNet said it was now providing on-demand liquidity to financial institutions for cross-border payments using the digital asset XRP.
“xRapid, the Ripple product powering these transactions, is commercially available and moving into production with multiple customers,” it said, naming the three new customers.
The service eliminates the need for a pre-funded account. Instead, xRapid sources liquidity from XRP – Ripple’s native cryptocurrency – on exchanges around the world.
“As a result, cross-border transactions occur in minutes and at a lower cost compared to traditional methods, which take days and incur high foreign exchange fees,” Team Ripple added.
Cuallix is a Mexico-based remittance company, while MercuryFX is a British rival and both participated in xRapid’s pilot phase earlier in the year.
Catalyst Corporate Federal Credit Union is a wholesale co-operative that serves more than 1,400 credit unions in the US and will use xRapid on behalf of its members to create a new cross-border payment service.
“The time to replace slow, expensive payments architecture is now because the need for global access to smooth-flowing capital has never been so acute,” said Alastair Constance, chief executive of MercuryFX.
Nicolas Palacios, chief finance officer at Cuallix, said: “We started exploring xRapid to help our customers whose livelihoods depend on sending micro-payments easily and quickly to Mexico. Now they can realise that promise.”
Brad Ganey, chief operating officer at Catalyst, added: “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.”