Currencies Direct to Complete Successful xRapid Pilot

Ripple's xRapid technology was used by British financial firm to successfully complete the cross-border payment
30 May 2018   523

According to the project participants, Currencies Direct conducted direct transactions between previously selected organizations, which took a few seconds unlike the 3-5 days that are currently required. This test served as a technical proof that Ripple (XRP) as a means of exchange in comparison with traditional methods of payment has a high speed and degree of transparency. This is reported by Finextra.

With the help of xRapid, the financial institution directly connects to exchanges in the country of the sender and the recipient. The sender's funds are exchanged for XRP, and then for the destination currency. The transaction is fully monitored, and requires a few seconds to complete the transaction.

Our goal is to offer the best possible service. We believe that utilising cryptocurrencies in this way - as a transfer of value, rather than as a store of value - is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies and we’re proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers.
 

Brian Harris

Chief Product Officer, Currencies Direct

According to the senior vice president for product at Ripple Ashish Birla, xRapid is able to significantly reduce the costs and time required to make international payments. xRapid expands the capabilities of customers and allows payment service providers to gain a competitive advantage in the market.

Previously the provider of mobile payment solutions Uphold announced the completion of the integration of Ripple technology into its platform. This will allow application users to work with XRP tokens directly through the application.

Crypto Won't Replace Fiat, XRP CEO Says

But head of Ripple believes that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution
05 September 2018   433

Ripple's CEO Brad Garlinghouse is convinced that the fiat currency will not lose relevance in the near future and called "senseless" the possible replacement of traditional currencies with digital assets. The future of crypto currency lies in cross-border transactions, Garlinghouse said in the Stanford Legal podcast. This is reported by CoinSpeaker.

I don’t think we’re going to be buying coffee at Starbucks with Bitcoin or XRP anytime soon. I think we’ve got to ask ourselves: What problem is that solving? You were talking about paying for the day spa bill and how you do that, but I think in some ways the friction – fiat currency, the US dollar in this case works pretty well, and so we need to make sure it’s better than that before we talk about it as a currency…
 

Brad Garlinghouse

CEO, Ripple

According to Garlinghouse, cryptocurrencies can be used in the st way in international payments and as a means of preserving value. This is especially true of crisis and weak economies, with a high level of inflation. He noted that the average annual inflation of the currencies of countries outside the G20 is about 6%.

There are economies where the fiat currency is at best a weak currency. And in those contexts, if I were a consumer experiencing hyperinflation – would you rather hold a cryptocurrency or your fiat currency? And in a lot of those cases, you’re seeing people take their dollars, or not dollars, pesos of various sorts, and saying, ‘I’d rather hold this because it’s a better asset to hold in terms of its potential appreciation and lack of inflation.
 

Brad Garlinghouse

CEO, Ripple

The head of Ripple stressed that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution. He also noted the Ripple, which allows to conduct international transactions "almost in real time". This will help many companies save time and resources.

We had one of the largest banks in Australia, the CEO told me that 40% of all of their consumer wire transfers result in a customer service phone call. The frustrating thing for the bank is not only do they have to absorb the cost of taking a customer service phone call, they also deliver the news that they don’t know wait a couple more days it’ll probably be there.
 

Brad Garlinghouse

CEO, Ripple

Earlier, the Northern District Court of California rejected a class action lawsuit filed by investor Ryan Coffey against Ripple Labs Inc. on behalf of everyone who bought XRP tokens after January 1, 2013. The company was accused of illegally manipulating the price of XRP.