Ripple’s xRapid Revolutionizes Finance, Transferring Funds Internationally In A Matter Of Minutes
Ripple’s product xRapid could revolutionize the way in which financial institutions handle their international money transfers.
Using the network’s native coin XRP, xRapid manages on-demand liquidity. But what’s more important is that the product’s rollout has proven a real use case for the cryptocurrencies.
Faster and cheaper cross-border payments
Ripple’s product is live, and the company made the announcement via a blog post.
The main two advantages that come along with xRapid are being highlighted all the time by the company.
First of all, cross-border money transfers via the system are a lot cheaper compared to traditional fund transfer ways.
The financial institutions that are using xRapid will not have to maintain nostro accounts.
And secondly, the funds will be received in just a matter of minutes, compared to days.
The receiving financial service firm will receive the funds in XRP and they can change the crypto to the local fiat currency via crypto exchange.
Ripple Senior Vice President of Product Asheesh Birla told CNBC: “I’m really excited to bring the product into the market at a time when there is a lot of skepticism about digital assets and their real use case. Here’s something where we’re finding a ton of value and providing a ton of value to our customers using digital assets to move money more efficiently.”
Ripple is targeting banks as the company does not want to replace them but to enhance their services.
XRP vs. Bitcoin
During the Ripple Swell 2018 Conference that took place in San Francisco, Brad Garlinghouse compared XRP with Bitcoin.
Cheddar interviewed him, and he made sure to highlight the settling speed and low costs of XRP which make the coin the best option in the whole cryptosphere.
“I think about the fact that XRP is about 1,000 times faster than a Bitcoin transaction and about 1,000 times less expensive than a Bitcoin transaction. XRP has demonstrated it is the most efficient digital asset to solve a payment problem,” Garlinghouse said.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.