Ripple Expansion: Mercury FX Brings XRP-Based Payments To The Middle East And Canada
Mercury FX International currency exchange provider is planning to open about ten new payment corridors using Ripple’s XRP-based xRapid by the middle of 2019.
Expanding Ripple’s reach
At the Ripple Regionals 2019 event in London, CEO Alastair Constance revealed the company would use xRapid to power payments from the UK to Canada and the Middle East shortly, in addition to Mexico and the Philippines.
“We have plans for the Middle East. We have plans for Canada, imminently. But I think the really exciting thing that xRapid and Ripple brings is it brings access to new markets that perhaps aren’t actually accessible now…” he said.
He continued and said “It’s two countries today. It could be ten before the middle of the year. And what stops it from being any more than that?”
According to him, xRapid is offering customers an opportunity to see the great benefits of blockchain technology and enjoy payments that will be taking place in an instant and at really low prices.
Ripple’s solutions are better than SWIFT’s
He also made sure to highlight the fact that when you are looking at really high volume payments for companies which are involved in import/export or remittance, Ripple’s solutions are even better than SWIFT and the numbers are “eye-watering” according to him.
Ripple’s primary goal, among others, is to be able to overcome SWIFT, the traditional payments system which has been the standard for banks for decades now.
Ripple plans to patch the flaws of SWIFT and provide its customers fast, cheap and safe transactions.
Euro Exim Bank has already ditched SWIFT for Ripple’s xRapid.
The bank’s CEO blames SWIFT and says that there’s a stringent need for a change in technology.
He said that one of the bank’s transactions got lost this month on the SWIFT network and this is the main reason for which it’s time to move on to better and safer products such as the tech used by Ripple.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.