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   748

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.

RippleNet expands into emerging markets

Additional 5 international financial institutions have joined Ripple
21 February 2018   116

Banks from Brazil (Itau Unibanco) and India (IndusInd) along with remittance providers from Singapore (InstaReM), Brazil (Beetech) and Canada (Zip Remit) joined the ranks of members of the enterprise blockchain solution for global payments. This announcement with an earlier partnership with China (Lianlian) brings Ripple even closer to the so called 'emerging markets'. With the partners base of more than 100 organizations worldwide, Ripple allows its members access and exchange payment information between each other and finalize the transactions in an instant.

We are pleased to partner with Ripple. Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails.

 

Prajit Nanu

Co-founder and CEO, InstaReM

On top of that, with the application of a blockchain technology the costs of transactions and the transfer times get drastically decreased. It is reported that IndusInd and InstaRem will use Ripple's xCurrent platform to improve cross-border payments to other financial institutions globally; and Beetech with Zip Remit will use xVia to deal with global payments for their respective customers.

The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.

 

Patrick Griffin

Head of business development, Ripple