Ripple’s XRapid product – the reason behind the current growth of the XRP token- has become commercially available according to a press release by Ripple on October 1
Ripple XRapid is a real-time settlement platform designed to speed up international payments and also eliminate the need for financial institutions to keep a pre-funded Nostro account.
The product will rely on the liquidity of Ripple’s cryptocurrency XRP on global exchanges to make cross-border payments more efficient.
In May, the beta testing phase of the XRapid product was launched while payment service providers such as MercuryFX and Cuallix took part.
Remarkably, the firms reported that they were able to save 40%-70% on transaction fees. In addition transaction times were slashed from 2-3 days to “just over two minutes
Firms Integrate XRapid For Payments Processing
Following the main launch yesterday, a number of financial institutions are already on the verge of putting XRapid to use for different purposes.
According to the press release, MercuryFX will deploy the tool for payment processing in Europe to Mexico Corridor. Cuallix will focus on the remittance corridor between the U.S and Mexico.
Also, Catalyst Corporate Federal Credit Union is set to develop a new payment platform using the XRapid product even though no timeline has been provided for this.
Among many others mentioned in the release, Alastair Constance, CEO, and founder of MercuryFX said about the product’s potential,
“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.”
Ripple XRP Not Seeing New Gains
Following the launch of the new product, many XRP enthusiasts were expecting the coin price to rise significantly. However, this has not been the case with XRP suffering from a generally lackluster performance in the crypto markets.
At press time, the price of the cryptocurrency was $0.57 with the charts below not reflecting any significant movement in the right direction.
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