CEO of Mercury FX: xRapid Ripple’s XRP Powered Payments from UK-Canada-Middle East
Alastair Constance – CEO of Mercury FX, partner of the blockchain tech oriented company Ripple, noted out that the firm is setting plans in-motion to power payments faster using XRP‘s xRapid platform from UK to the Middle East and Canada.
Mercury FX provides currency exchange in a global scale that has partnered with the team behind the third largest cryptocurrency by market capitalization to find use of their cross-border money remittance solutions for cheaper and faster transfers.
“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 actually brings access to new markets that perhaps aren’t actually accessible now…
It’s two countries today. It could be 10 before the middle of the year. And what stops it from being any more than that?”
Constance believes that xRapid could be the nearest to experiencing mainstream adoption of blockchain technology as users will see the benefits of this era-changing tech first hand as trx could take only seconds compared to the present used services of days:
“I think from a customer point of view, you almost don’t want to show them too much of the technology or explain too much of why it’s working as it is. I don’t understand how a car works, but if it parks for me that would be even better. And I think it’s the same kind of thing. But what they are seeing is payments arriving in one-hundredth of the time and they’re paying a lot less, if anything, for it. And I think that’s the key.
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.”
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The head of Compliance and Operations at Euro Exim Bank, Graham Bright, told the audience at the Ripple Regional event in London that their biggest challenge was to make sure their customers got fast, reliable, trusted and secure service. He also explained why they chose xRapid.
We need our clients to be able to pay us in their local currency. It is very difficult for them to get a hold of dollars in some of the jurisdictions which we operate. So we need to make it easy to move funds as easily…and cost effectively as possible.