It appears that the number of companies partnering with Ripple (XRP) to use its revolutionary product keeps on increasing.
The blockchain startup has come up with xRapid – a technology that allows cross-border payments using the company’s native token XRP. It is basically a digital product that is solely aimed at financial institutions.
One of Ripple’s co-founders, Chris Larsen, has of late described the manner in which the technology can be utilized to achieve this. Larsen used an example of sending a cross-border payments from the United States to Mexico.
Seven companies are set to utilize xRapid
“They will be enjoying instant cross-border payments with the lowest possible fees. Mercury FX is also onboard, after recently completing a pilot test and calling the raw speed of xRapid unbelievable,” Oracle Times reported.
Recently launched SBI’s new cryptocurrency exchange SBI Virtual Currencies is similarly looking forward to utilizing xRapid for cross-border transactions.
Cuallix is a digital company that operates in the United States, Hong Kong, and Mexico and it offers the unbanked an incredible method to make global payments.
Zip Remit is a Canadian-based cross-border payments solution, also on board. The company has been supporting XRP for a while.
Small financial institutions can benefit from Ripple’s tech
However, since Western Union started piloting xRapid earlier this year, the money transfer giant claimed the technology is still too slow and didn’t lower the company’s costs. Experts have, however, cautioned that WU’s feasibility study may not be sufficient to draw conclusions at this time. They see XRP as the future of payments rather than Bitcoin.
Ripple Lab plans to launch xRapid as early as October this year.