According to what the company claims, its new built ‘xRapid’ platform is designedto boostup the international payments,whereaseliminatingthe requirementfor a pre-funded nostro account.The productsupposedlysources liquidity from crypto currency Ripple [XRP] on exchanges world-wide,creatingcross-border transactionsquickerand cheaper compared to the oldways.
The pilotsectionof xRapid was launched earlier in May this year, with the participationof monetaryinstitutionsand paymentsupplierslikeMercuryFX along with Cuallix. The participantswithin thepilotrevealedtransactionsavings from 40–70%,furtherproviding an additional boost of speed — fromthe common2–3 days to just over2minutes.
Currently, Cuallix is managing the keyremissionpassagewayfrom the United States to Mexico,whereasMercuryFXwould reportedly deploy xRapidwithin theEurope toMexico border. In line with the statement, CatalystCorporateFederal Credit Union,thatserves member andconsumercredit unionswithin theUnited States,would employ xRapid to developa brand newcross-border payment service.
Earlier in August this year, Ripple [XRP] partnered withthree othercrypto exchanges which includes United States based Bittrex, Mexican Bitso, and Philippine Coins.Ph —as perits initiativeto createa “healthy”schemeof digitalassetexchange. The partieswould employ xRapidto maneuverbetween XRP and United States dollars, Mexican pesos, and Philippine pesosseverally.
The price of Ripple [XRP] token hasbeenconsiderably hikedover the last month, having surpassed the market capof Ethereum [ETH] andturning intothe 2nd largest cryptocurrency on 21st Sep. and 26th Sep.
The price soar followed the announcement that Ripple’s xRapid productwould be employed by the Unites Statesbank PNC’s Treasury Management unit to expedite cross-border transactions,along with Ripple’s hintconcerningits arriving xRapid product launch.