Ripple’s xRapid powering payments with XRP for ten companies
Ripple's xRapid has become the talk of the town lately. xRapid was developed by Ripple to revolutionise global remittances market. It helps customers and organisations to decrease cost of payment transactions. xRapid has had a rapid growth since its launch. It is a real-time settlement platform of the company that utilises XRP to extend on-demand liquidity. Seven companies are testing and three companies are already utilising the xRapid.
Companies that are testing xRapid:
- Currencies direct
- Mercury FX
- Western Union
- Cambridge global payments
Companies using xRapid:
- SBI virtual currencies
- Zip Remit
A better picture of companies utilising xRapid for their transactions would emerge in the coming months, dailyhodl reported. Ripple's CEO, Brad Garlinghouse said that he believes that many of the elite of the financial industry will use the XRP of Ripple powered by xRapid technology by next year.
xRapid proved useful to financial institutions, as it saved substantial amounts of money in foreign exchange transactions. Theoretically, these savings apply to the sender’s end in payment transactions. xRapid is powered by XRP, the digital asset for payments. This greatly reduces the cost of transactions while permitting real time payments. The adoption of Ripple's xRapid will create a sound competition leading to a fair pricing model which benefits the user. Besides cheaper costs, payments will become considerably faster.
xRapid's reduced charges imposed on the remittance payments can have several positive effects on the livelihoods of individuals. Also, it is a significant step towards the realisation of the initial objectives of digital assets, which is to serve the underprivileged without bias.
The company aims towards building a world of swifter and affordable transactions. To make this dream come true it intends to establish an Internet of Value, a network which facilitates the uninterrupted interchange of value similar to the web. It has an extended list of companies using RippleNet. Currently 120 companies are using the platform and more businesses are transferring XRP as part of the model of their business. Ripple is emerging as the best digital asset for payments.
This list is quickly getting populated and many big names are getting added.
Image via shutterstock
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