Ripple confirms its readiness to launch xRapid

Ripple confirms its readiness to launch xRapid

Ripple said that he was ready to launch the long-awaited payment platform xRapid.

Recall that xRapid is based on XRP and solves the problem of speed of carrying out international money transfers.

According to the chief marketing strategist at Ripple Corey Johnson, xRapid will be officially released in the next four months.

We have already launched several successful pilot programs xRapid. We rely on these partners to attract new customers, when we will officially run at the end of this year.

Ripple together with its partners xRapid tested in pilot projects around the world. During one of the projects to transfer money between the U.S. and Mexico, Ripple stated that their product has made it possible to save from 40% to 70% payout on currency brokers. This figure is annually from 12 to 21 billion dollars.

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In pilot projects xRapid involved 10 companies.

In testing xRapid took part the following companies

  • MoneyGram
  • Currencies Direct
  • Mercury FX
  • Western Union
  • IDT
  • Cambridge Global Payments
  • Viamericas

Started to use xRapid:

  • SBI Virtual Currencies
  • Cuallix
  • Zip Remit

According to the results of the pilot project, the Western Union reported that xRapid “still too expensive” in order to significantly improve their activities.

In response to this, senior Vice President of Ripple product Ashish Birla has announced a change of strategy.

Western Union is a large – scale company that has been around longer than most payment companies. Indeed, to use xRapid proved beneficial to Western Union, they would have to migrate all your volumes on xRapid because they have managed to achieve fixed costs, and liquidity flows and so optimized.

So now we have shifted to payment company. They can benefit the most from cooperation with us.

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