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Three Financial Entities Already Use xRapid - Ripple (XRP) News. Tuesday, October 2

02 october 2018, 10:49 by Jesús S. Affigne

xRapid has been launched, three financial entities already using it

The new crypto product by Ripple is now available commercially

Blockchain-based payment protocol Ripple has just announced the launch of its cross-border payment solution, xRapid, which went live with three financial institutions already making use of it. According to their insight published in its official website, the first three customers to begin sending funds overseas with the new product are payment providers MercuryFX and Cuallix, and cooperative financial firm Catalyst Corporate Federal Credit Union.

“xRapid, the Ripple product powering these transactions, is commercially available and moving into production with multiple customers,” reads the announcement, published this Monday.

It was also known that MercuryFX and Cuallix were part of xRapid’s pilot phase, carried out at the beginning of this year. Alastair Constance, CEO and founder of MercuryFX, said that they were able to taste first-hand the benefits of Ripple’s new product, and that they were thrilled to offer their customers commercial payments in this new platform, before the year ends. 

“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,” said Constance.

Meanwhile, the CFO of Cuallix Nicolas Palacios, stated that the promise of cryptocurrencies has always been more speed and efficiency on payments, and because of that, they sought to try xRapid, expecting to improve their two financial services platform, Payllix and Cuallet. “Now, our customers can finally realize that promise,” Palacios asserted.

Lastly, Brad Ganey – senior vice president and COO at Catalyst Corporate Federal Credit Union – highlighted how Ripple and its brand new product effectively addresses the issues of traditional international wire operations, that is, price, speed and ease-of-use, and will be leveraging XRP for cross-border transfer of funds. “We have signed a production contract and are currently building out our plan,” he stated.

It is worth noting that just a couple of weeks ago, the chief of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai, hinted that the official release of xRapid could take place this month – and the fact that it was rolled out on the first day, suggests that they were planning to start the month with a big announcement. Now we have to see how the market reacts to this news.

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