Ripple, as known, had launched xRapid solution earlier this year, and recently the official information on the aggregated and averaged results from several early xRapid pilots was announced by the company.
In general, the results received from the pilots were highly positive promising even better future developments for the project. According to the announced results, the financial institutions that have been participating in the pilot, already saw measurable savings of 40-70% compared to what they used to previously pay to foreign exchange providers. It was also reported that an average xRapid payment took only a bit more than 2 minutes which is a great result compared to current cross-border payments that take in average from 2 to 3 days.
Ripple’s liquidity solution uses the digital asset of XRP token for more efficient cross-border transactions between financial institutions by sending fiat payments. It takes only 2-3 seconds for the transaction to reach the XRP Ledger, plus additional processing time for the transfer to move across the intermediary digital asset exchanges and local payment rails.
SVP of Product at Ripple, Asheesh Birla commented on the announced results stating that the team is encouraged by the positive results of xRapid. Birla also informed that currently the XRP Ledger can send up to 1,500 transactions per second and due to this speed as well as great scalability, xRapid is perfect for cross-border payments.
The financial institutions which were participating in xRapid pilots were testing payments made from the US to Mexico. Due to the market being highly competitive and important, the companies operating in it constantly look for new solutions to gain competitive advantage by offering cheaper and faster transactions.
Founder of one of the participant financial institutions, Mercury FX, Alastair Constance informed that their company is delighted by the great results which the xRapid pilot phase recorded. Constance also expressed great willingness to keep cooperating with Ripple and confirmed that the partnership so far has been a great success.
