MercuryFX Ltd, a trusted global currency specialist for individuals and businesses, has confirmed that Ripple’s liquidity solution is first-class considering its low cost of transaction, increased transaction speed, and transparency.
In a statement of praise shared on Twitter, the fintech firm disclosed, insinuating to go ahead with the solution in the nearest future.
“In Q1, along with other xRapid pilots customers, we have proved that #xRapid can lower liquidity costs & increase payment speed and transparency using #XRP, MercuryFX Ltd tweeted. “We are looking forward to continued successful testing and going into production.”
Many fintechs, including banks, have been testing Ripple xRapid, a financial solution deployed by payment providers and other financial institutions who aim at minimizing the costs of liquidity and at the same time improving customer experience.
xRapid leverages on XRP to achieve on the go liquidity that is automatically tantamount to reduced costs of transaction but ensures real-time payments in emerging markets. The solution is designed for enterprise use, it gives remittance providers and banks a highly efficient, scalable, reliable liquidity option for cross border payment services.
Fintechs are drifting toward xRapid for the fact that, around the world, payments into emerging markets often require pre-funded local currency accounts, making liquidity cost hyper-expensive. However, the advent of xRapid reduces the capital requirements for liquidity.
Many a number of firms have tested and affirmed the wonderful performance of xRapid. Among them are two prominent cross border remittance providers, Western Union and MoneyGram, who confirmed the superiority of the liquidity tool.
Confirming the test, Ripple in a latest statement highlighted five new xRapid pilot customers who found the solution satisfactory.
“In Q1, Ripple announced five new xRapid pilot customers — Western Union, Cambridge Global Payments, MercuryFX, IDT and MoneyGram. The pilots, which involve live transactions, have continued to prove that xRapid can lower liquidity costs and dramatically increase payment speed and transparency using XRP. In Q2, Ripple will look to grow the number of xRapid pilots and work to move existing pilots into production.”
Ripple offers topnotch solutions to fintechs and central banks. Recently, the Central Bank of Saudi Arabia confirmed Ripple is going to help reduced exorbitant transaction costs it spend annually on cross-border transfer, stating that the firm has unique tools for this section.