IDT and Mercury to Test xRapid Technology

Main purpose of xRapid is to increase the speed and decrease the cost of transactions
25 January 2018   2230

The operator of telecommunications services IDT and Mercury international payments service reported that they will pilot the xRapid money transfer system developed by Ripple and using the XRP cryptocurrency. This is reported by CoinDesk.

Payment providers like IDT Corporation and MercuryFX are early movers because they understand what XRP can do for their business and customer experience. We're excited to have them at the forefront of the Internet of Value.

Brad Garlinghouse

CEO, Ripple

Earlier, the beginning of testing the system was reported by a large money transfer operator MoneyGram, which will use xRapid for internal processes. In addition, last October it became known that xRapid is already used by the Mexican financial company Cuallix.

We're excited to pilot Ripple's xRapid solution for on-demand liquidity. We expect that xRapid will enable us to settle more transactions in real-time and at a lower cost.

Alfredo O’Hagan

SVP, IDT’s consumer payments business

The application says that the purpose of using xRapid is to increase the speed of payments, up to processing in real time. Companies also view this technology as a way to reduce the overall cost of transactions.

Santander to Deny XRP Token Usage Info

It turned out that bank uses xCurrent in One Pay FX instead of XRP token for international payments, as it stated earlier
25 March 2019   71

Santander, a large Spanish bank, in its Twitter spread incorrect information about cooperation with Ripple.

And although the majority of cryptocurrency holders reacted positively to the statement of Santander, some of them drew attention to the fact that this news had no effect on the growth of XRP trading volume.

It soon became clear that the bank provided incorrect information.

xCurrent allows Ripple customers to make payments using Fiat as well as digital currencies. A similar product, the operations in which are carried out using XRP cryptocurrency, is called xRapid.

Despite the official apology, some commentators suspected the bank of manipulating the market.