Three companies started commercial use of the xRapid payment platform. This was said at the Swell conference in San Francisco by Ripple CEO Brad Garlinghause.
xRapid is going into commercial production. @mercury_fx_ltd, @Cuallix and Catalyst Corporate Federal Credit Union will be the first to make on-demand cross-border payments on RippleNet using #XRP. https://t.co/dQ02J4vdBl
— Ripple (@Ripple) October 1, 2018
The main feature of xRapid is the use of the XRP token. The solution is focused on payment providers and financial institutions seeking to improve user experience and minimize costs in making cross-border payments, as well as to increase the speed of the latter.
As the head of Ripple said, the three companies that started commercial use of xRapid were MercuryFX, Cuallix, and the Catalyst Corporate Federal Credit Union.
MercuryFX specializes in international payments, Cuallix settles between the United States and Mexico, while the Catalyst Corporate Federal Credit Union provides financial services to about 1,400 credit unions, mainly in the western and southwestern regions of the United States. MercuryFX and Cuallix have previously participated in xRapid testing, the Catalyst Corporate Federal Credit Union has become a new Ripple partner.
The fact that the full launch of xRapid could take place in the near future was announced by the head of Ripple representative office in the Asia-Pacific and the Middle East, Sagar Sarabhai in September.
The results of the first pilot projects using the XRP token and xRapid technology were presented in May of this year. The project participants managed to reduce transaction costs by 40-70%, and also to increase the speed of processing payments from 2-3 days to “just over two minutes.”
During yesterday’s event, Ripple Senior Vice President for Product Management, Asheesh Birla noted that a number of companies, including Western Union, MoneyGram, Viamericas, and IDT, also participated in xRapid testing, but at this stage, they are not starting commercial use of the product.