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   1103

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.

Mitsubishi Corporation`s Funds to be moved via RippleNet

Mitsubishi Corporation, together with a few partners, are going to move real funds over RippleNet: this is another validation of Ripple’s present technology
15 May 2018   194

The name of Mitsubishi is known to many people as a car manufacturer. The parent enterprice, nevertheless, has bigger plans for the future. In collaborance with MUFG Bank, Bank of Ayudhya, and Standard Chartered Bank, a blockchain pilot has been planned. 

This venture especially focuses on RippleNet, the technology aimed to facilitate cross-border payment flows. The main object of this test is to refine cash processing. All parties included trade with real-time and multi-currency payments on a daily basis. Cross-border transactions while stay slow, expensive, and subject to a fair amount of administration. With RippleNet, these payment flows can be bettered upon significantly. 

The goal of the pilot is to demonstrate the commercial viability of delivering high-speed cross-border payments between independent banks. As global trade continues to increase, the problems associated with cross-border payments are being experienced by smaller businesses as well. These companies don’t have the treasury resources or experience in navigating the pitfalls of today’s payment rails.
Ripple officials

Ripple’s technology is being tested for not the first time. RippleNet is a developing enterprice which basically collected support in the Asian region. Additional tests on this scale will define whether or not RippleNet is indeed a lively addition to the financial sector. The above-mentioned trial will be kept by Mitsubishi Corporation. Its subsidiaries’ accounts in Thailand and Singapore will see a real-world money transfer using RippleNet. It is also the first time a Japanese firm finishes a cross-border payment transaction over Ripple’s technology. If successful, this test can state a big precedent for other domestic firms to explore.

Depending on how the test goes, the parties intend to commercialize this payment resolve. Bringing RippleNet to the real world is an ongoing struggle, albeit things are proceeding as planned. With all of these firms showing a genuine interest in the project, Ripple has to provide the goods. Partnership with Mitsubishi Corporation at this stage paints an interesting outlook.