Ripple Validation: Mercury FX Makes History And Completes First Ever Commercial Payment Via xRapid To The Philippines
Ripple‘s product xRapid has been used once again to send money across borders, and it worked great.
Mercury FX global currency exchange provider just revealed that their new payment corridor to the Philippines is live and it’s working flawlessly. The company has offices in London, Hong Kong, and Cape Town.
The very first payment which has been made using Ripple’s product xRapid was completed on behalf of a client in the UK who wanted to send money across the world in order to pay for the honeymoon.
Preparing to open ten new payment corridors
Not too long ago, Mercury FX said that they are planning to open ten new payment corridors using Ripple’s xRapid by the middle of 2019. These will include routes to the Middle East and Canada.
Back in January Mercury FX announced that they had completed their largest commercial payment: they sent $4,574 from the UK to Mexico.
This was completed in a few seconds compared to the 31 hours which is usually required. The fees saved were of $102.
— Mercury-fx Ltd (@mercury_fx_ltd) March 5, 2019
After this latest transaction has been announced, the Ripple community celebrated and was filled with excitement on Twitter.
They cannot wait for XRP’s value to head straight to the moon.
Ripple vs. SWIFT
Mercury FX CEO Alastair Constance said the company sees xRapid as an effective alternative to Swift.
“We did our first live commercial payments a couple of weeks ago. So we are now making payments for a UK corporate to Mexico to import Mexican food. And they are moving a lot faster than payments would go through Swift, at a much lower cost…” Constance said.
The CEO continued and explained “So when you’re looking at high volume payments for companies involved in import/export or remittances or whatever the case may be, when you start to look at the economics of how they stack in favor of a Ripple payment over xRapid, perhaps over Swift, the numbers are actually quite eye-watering.”
Ripple has been trying to eliminate the problems flaunted by the traditional payment system SWIFT and be the best possible a;lternative.
As you already know, Euro Exim Bank has already ditched SWIFT‘s services in favor of Ripple’s.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.