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Ripple (XRP) xRapid Platform Was Successfully Tested By The UK Currencies Direct Forex Broker And Remittances Service

Currencies Direct, a European Forex broker and remittances service, has reported the completion of a very successful test for Ripple (XRP) xRapid platform and described the XRP cryptocurrency as a “game changer”.

Just to be clear, Ripple’s xRapid is the platform that uses Ripple (XRP) cryptocurrencies for its operations, while the other major platform, xCurrent, is employing the use of Ripple network to handle instantaneous and safe cross-border payments.

It might look like xRapid is not used by many banks and financial institutions but, in reality, it is tested by some big names in the financial industry and is even up and running for others. The best example is the successful implementation of the Ripple (XRP) xRapid system within the US-Mexico cross-border payments.

This is the very first time a European remittances service has ever tested the Ripple (XRP) xRapid platform

Currencies Direct, a company which was the #1 money transfer service in Europe in 1996, traded approximately 4.5 billion GBP (about $6 billion) in Forex in the past year and is, thus, a quite big player in this sector on the European market.

The Currencies Direct xRapid trial was performed with a number of cross-border payments across a selection of institutions. Each of these transactions was conducted via the xRapid platform and was completed in a matter of seconds instead of the usual 3 to 5 days which characterizes the international remittances.

How does Ripple (XRP) xRapid work?

To put it in a simple manner, xRapid employes Ripple (XRP) use as an exchange currency to diminish the fees related to Forex, while, at the same time, the network handles the transaction in XRP almost instantaneous.

Ripple explains is as such:

A payment journey with xRapid looks like this: a financial institution connects directly to digital asset exchanges in both the originating and destination corridors. The originating currency is exchanged into XRP which provides the necessary liquidity to power the final payment, and then in seconds that XRP is exchanged into the destination currency in the second digital asset exchange.

Also, as xRapid directly employes the use of Ripple (XRP) cryptocurrency, the more remittances services such as Currencies Direct accepts xRapid, the more the value of Ripple (XRP) will increase, as the applicability and the acceptance of this crypto will increase.


Ripple (XRP): xRapid Reduced Fees By 70% In Cross-Border Payments Between The US And Mexico

This May 10th, Ripple (XRP) team issued an official statement showing the results of its pilot program for international transfers and payments, called xRapid. According to Ripple, payments between financial institutions that were made between the United States and Mexico and that used xRapid reduced fees by 40% to 70%.

They also explain that the payments that used xRapid took on average about 2 minutes to materialize, which is a huge reduction considering that cross-border payments today take about 3 days, on average.

They also explain that the portion of the time it takes for Ripple blockchain transfers is only 2 to 3 seconds and that the rest of the time it takes to complete the transfer is attributed to transactions involving cryptocurrency exchange houses and local payment methods involved in this process.

Ripple (XRP) xRapid cross-border payments platform shows a great reliability

In summary, xRapid works as follows. The financial institutions involved in the transaction are connected to cryptocurrency exchange houses, the currency in which the cross-border payments are made is initially converted into XRP, and in seconds it is received and converted into the local currency of the country of the financial institution which receives the payment.

In this way, Ripple explains that cross-border payments are made more efficient, faster, and at lower fees.

Creating more efficient solutions for payments and money transfers in today’s financial system is one of the goals that the Ripple team has focused on and hopes that Ripple (XRP) will be more and more accepted.

A few days ago, also, it was reported that Coinone Transfer, a subsidiary of the Coinone cryptocurrency exchange operator, will be using a Ripple (XRP) blockchain solution to offer its customers a new and better service with which they can send remittances throughout the Asian region faster and cheaper. Besides, different banks and big financial institutions have already adopted Ripple cross-border payments solutions, such as xRapid.

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