Two More Payment Providers Sign Up for Ripple’s xRapid Pilots
IDT and MercuryFX join Ripple’s roster of clients who will be testing its XRP-powered xRapid product.
Two more payment firms – telecom company IDT Corporation and global currency exchange provider MercuryFX – have signed up to test fintech startup Ripple’s xRapid product.
As per an announcement by Ripple, both companies will now pilot xRapid for the quick settlement of retail remittances and corporate transactions. xRapid is a cross-border payments network which uses Ripple’s native token XRP to provide on-demand liquidity; as per Ripple, the product significantly increases transaction speeds and reduces costs.
MercuryFX CEO and founder Alastair Constance expressed his firm’s willingness to test the product, claiming it would allow them to attain a competitive edge by decreasing “the cost of currency exchange and global settlement” and by “cutting settlement times from hours and days to just three seconds or less”, thereby removing the need for intermediary fees.
Senior VP of IDT’s consumer payments business Alfredo O’Hagan expressed similar enthusiasm for the product, stating:
“We’re excited to pilot Ripple’s xRapid solution for on-demand liquidity. We expect that xRapid will enable us to settle more transactions in real-time and at a lower cost.”
Ripple CEO Brad Garlinghouse dubbed IDT and MercuryFX “early movers”, claiming that they “understand what XRP can do for their business and customer experience”.
“We're excited to have them at the forefront of the Internet of Value,” he added.
Ripple is focused on creating a blockchain solution for global payments which the company hopes will eventually replace the SWIFT system. In line with this goal, Ripple is focused on establishing partnerships with traditional financial services players.
While Ripple does have the backing of numerous international banks and institutions such as Standard Chartered, doubts exist as to the actual extent of XRP’s adoption by traditional banks.
Meanwhile, Ripple’s XRP token, despite having recorded massive gains during the past few weeks (which saw it peaking at a record-breaking $3.83 earlier this month), is currently hovering at a little above a dollar. This bearish trajectory, however, is not unique to XRP – recent developments, including regulatory crackdowns on crypto in China and South Korea, have rattled the entire crypto market and sent almost all digital currencies into a tailspin.