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Ripple: xRapid with three payment service providers in production

Ripple: xRapid with three payment service providers in production

Home News Ripple: xRapid with three payment service providers in production

Of
Marcus Misiak –
02.10.2018

The first day of the Ripple Swell-conference started yesterday evening German time with a good message. Ripple announced that xRapid is now commercially available and several customers in production. The XRP price rose after the announcement, short term of approximately 0.54 to approximately $ 0.60.

As the Ripples CEO, Brad Garlinghouse came yesterday, on the stage, he said, first, that Ripple could be recorded this year compared to the previous quarter, a tremendous growth in customers and an average of two customers under contract, which is one of the Ripple technology. Then he dropped the bombshell that a few minutes previously by a press release on the Ripple Blog open to the public.

Garlinghouse said that xRapid is now commercially available, and three customers in the production: MercuryFX, Cuallix, and Catalyst Corporate Federal Credit Union in production. XRapid is the Ripple product, which is used for the transactions, the crypto-currency, XRP. With this solution, the companies, financial institutions, On-Demand liquidity for cross-border payments, as with xRapid the need for a pre-funded nostro account in the implementation of a cross-border payment. XRP serves as a “bridge currency”. As a result, can cross-border payments in just a few minutes, and at a lower cost.

As we reported, have participated in the payment service provider MercuryFX and Cuallix already in pilot projects of xRapid. MercuryFX will use xRapid in the payment corridor between Europe and Mexico. However, Cuallix will use its platforms Payllix and Cuallet for individuals and families who want to send money home, for the remittance corridor of the United States to Mexico. Catalyst Corporate Federal Credit Union is xRapid create a new cross-border payment services, and its customers.

Alastair Constance, founder and CEO of MercuryFX said in the press release:

MercuryFX has been working together for more than a year of closely with Ripple to take advantage of the efficiency of RippleNet for our customers. In pilot experiments, we have recognized the benefits of xRapid and look forward to making commercial payments within this quarter. Now is the time to replace slow, expensive, payment architectures, since the need for a global, fast capital flow has never been so great.

The Ripple Rate

After the Ripple (XRP) falling rate initially, in the course of yesterday’s Tags of 0,592 USD to a daily low of 0,5363 USD, the Ripple price by the announcement of new Support and shot within two hours on a daily high at 0,5958 USD. Currently, the price of XRP is at $ 0.57.

For more information about the Ripple Swell-conference you can find on the Ripple Blog. An official Livestream to it.

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