Ripple technology saves 40 to 70 percent for international transfers

Ripple technology saves 40 to 70 percent for international transfers

Ripple has published the results of their pilot programs xRapid.

In the report on the results of pilot programs focused on cryptocurrency XRP. The authors of the report also state that the pilot program has demonstrated significant savings on commissions, as well as a significant increase in speed of transaction. In recent months the company announced several partnerships with companies that have tested how technology xRapid and technology xCurrent, which does not use XRP.

The head of the grocery division Ashish Birla said that the report is based on 7 pilot projects, and the results of all seven projects are similar to each other. Total savings ranged from 40 to 70 percent. Ashish also said that the international transactions are in minutes, compared to a period of several days as with conventional transfers.

Participants in the pilot projects reacted the same way:

Wow, all this happens in seconds. It’s just impossible under the current financial system!

The average time of passage of the transaction is equal to several minutes, however, the translation itself, which is based on XRP takes a few seconds. The rest of the time it takes to convert Fiat currency to XRP and back through the local exchange.

To process and convert the translation to the local currency takes a few minutes.

Now Ripple plans to move from pilot programs to full-scale projects, although some specific plans for this issue yet.

We will continue working on pilot programs, and finally finished the work on the product. The next step in this direction is the transition from pilot customers to serious proportions.

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