According to what the company claims, its new built ‘xRapid’ platform is designed to boost up the international payments, whereas eliminating the requirement for a pre-funded nostro account. The product supposedly sources liquidity from crypto currency Ripple [XRP] on exchanges world-wide, creating cross-border transactions quicker and cheaper compared to the old ways.
The pilot section of xRapid was launched earlier in May this year, with the participation of monetary institutions and payment suppliers like MercuryFX along with Cuallix. The participants within the pilot revealed transaction savings from 40–70 %, further providing an additional boost of speed — from the common 2–3 days to just over 2 minutes.
Currently, Cuallix is managing the key remission passageway from the United States to Mexico, whereas MercuryFX would reportedly deploy xRapid within the Europe to Mexico border. In line with the statement, Catalyst Corporate Federal Credit Union, that serves member and consumer credit unions within the United States, would employ xRapid to develop a brand new cross-border payment service.
Earlier in August this year, Ripple [XRP] partnered with three other crypto exchanges which includes United States based Bittrex, Mexican Bitso, and Philippine Coins.Ph — as per its initiative to create a “healthy” scheme of digital asset exchange. The parties would employ xRapid to maneuver between XRP and United States dollars, Mexican pesos, and Philippine pesos severally.
The price of Ripple [XRP] token has been considerably hiked over the last month, having surpassed the market cap of Ethereum [ETH] and turning into the 2nd largest cryptocurrency on 21st Sep. and 26th Sep.
The price soar followed the announcement that Ripple’s xRapid product would be employed by the Unites States bank PNC’s Treasury Management unit to expedite cross-border transactions, along with Ripple’s hint concerning its arriving xRapid product launch.