After several months of development, Ripple finally released one of its most promising products – xRapid. According to the company, this product makes cross-border payments more efficient in terms of both cost and speed.
At the Swell event in San Francisco, Brad Garlinghouse, CEO of Ripple, made a statement that xRapid is now commercially available and begins working with several clients – MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union.
It is worth noting that this is the first time that XRP, a digital asset, will be used in a real commercial application by a financial services provider. This is a huge step forward for the development of the Ripple project.
Brad Ghani, Senior Vice President and Chief Operating Officer of Catalyst Corporate Federal Credit Union, made the following statement about xRapid:
Traditional international experience of working with payments does not meet today's expectations for price, speed and ease of use. The technology Blockchain, and in particular, the product Ripple xRapid, simultaneously eliminates all three problems. Catalyst Corporate through the technology platforms of our subsidiaries will use the digital asset XRP for instant transfer of money across borders on behalf of our credit unions with more than 1,400 participants. We signed a contract for cooperation and are currently building our plan for the future.
At the moment only the above three firms will use xRapid. But Ripple, as reported, also tested its product with such giants of money transfers, as Western Union and MoneyGram. When and how these firms will use the crypto currency in their work is still unclear.
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