Ripple has one main priority; to replace SWIFT as the dominant cross-border payment system by offering transactions that are faster with reduced fees. They have rolled out products over the years geared towards achieving that, and one of such products is the xRapid. The product has now saved a client a whopping $30,000 in a recent transaction in Australia
xRapid Saves Client Huge Sum During House Sale
xRapid is a product designed by Ripple for payment providers and other financial entities that wish to reduce liquidity cost while also improving their customer experience. The product makes use of XRP cryptocurrency which helps reduces transaction costs while allowing payments to happen at real-time.
The product has performed its function excellently over the past few months, and it has recently saved a client of Mercury FX a large sum of money. According to a tweet by the company that helps people move funds around the world, the use of xRapid made it possible for the client to save such amount.
“We just saved a client 30k on moving the cash from selling his house in Australia to the UK. That’s a huge saving compared to what he’d get from the banks – and goes a long way toward paying Stamp Duty on a house here! #yourewelcome,” Mercury FX tweeted.
The client sold his house in Australia and sent the funds to the UK. By making use of xRapid, Mercury FX was able to save their customers $30,000, a vast sum of money that would have gone to charges under the traditional cross-border payment system.
Cryptocurrency enthusiasts on Twitter were impressed by the results achieved by Mercury FX all thanks to xRapid. While some were doubtful about the whole scenario, most users are hopeful that more financial institutions would start using XRP and this would lead to massive adoption of the cryptocurrency.
There’s Hype Around xRapid, And It Is Deserved
There is so much hype around xRapid by Ripple and XRP enthusiasts and following this latest development, and it was clear to see why. There have been concerns in some corners a few months ago that the product could not live up to its bidding. However, it has performed excellently since it was launch a few months ago.
Brad Garlinghouse, the CEO of Ripple, stated that just a few months ago, the media had cast doubt about XRP, claiming that no one would use it. However, the situation has changed today as more people are starting to use xRapid due to its features and this product is being used with XRP.
xRapid is now being used by a large number of banks and financial institutions all over the world including Mercury FX, Cuallix, Catalyst Corporate Federal Credit Union, IDT, London-based Euro Exim Bank, SBI Holdings, SendFriend, MoneyGram, Cambridge FX, Western Union, Viamericas, Transpaygo, and so many others.
All these financial institutions make use of the product alongside XRP coin, a point that was made about it and this could help drive adoption of the cryptocurrency in the long run. Garlinghouse was confident that by the end of 2018, major banks across the globe would be using xRapid due to the features it has to offer.
“By the end of this year, I have confidence that major banks will use xRapid as a liquidity tool, this calendar year. By the end of next year, I would certainly hope we would see in the order of magnitude of dozens.”–Brad Garlinghouse
The IMF chief had already advised banks to adopt technologies such as these to ensure that they provide better services to their customers. The US Federal Reserve is also in contact with Ripple regarding using its product to carry out transactions. From all indications, Garlinghouse could be right about the future of xRapid.