Ripple Officially Launches Commercial Version Of xRapid
The xRapid payment solution developed by the US company Ripple is now available to banks and other institutions for commercial use. The official version was released on October 1, according to the company’s blog.
xRapid is going into commercial production. @mercury_fx_ltd, @Cuallix and Catalyst Corporate Federal Credit Union will be the first to make on-demand cross-border payments on RippleNet using #XRP. https://t.co/dQ02J4vdBl— Ripple (@Ripple) October 1, 2018
The real-time platform is designed for instant international payments. Money transfers between banks do not require a nostro account at a sending bank. Such a solution, in the team's opinion, should speed up currency operations and make them cheaper. Also crypto transactions do not require a real cash equivalent in a bank account.
The test version was examined by such providers of financial services as MercuryFX and Cuallix. According to their reviews, xRapid solution saves up to 70% of money spent on transfer, and also has high speed — the transaction takes only a few minutes, while regular payment systems require from two to three days to deposit funds.
Also xRapid has already been tested by some crypto exchanges, including Bittrex (USA), Bitso (Mexico), and Coins.Ph (Philippines).
Now, with the help of the new technology, Cuallix is establishing a remittance corridor between the US and Mexico. The MercuryFX team is working on a channel from Europe to Mexico.
According to the developers, liquidity within the xRapid system is provided by a reserve of the XRP tokens, also created by Ripple.
Previously, developers from Ripple introduced an international unified payment network that complies with regulatory standards.