Ripple unveiled the results of the first pilot projects launched using the XRP token and xRapid technology. This is reported by Business Wire.
As stated in the official statement of Ripple, the financial organizations participating in the pilots could save from 40% to 70% in comparison with the expenses they incur using the services of traditional providers.
The average transaction time in this case was just over two minutes, while the usual international bank payment takes 2-3 days. In this case, the operation with the XRP Ledger network takes only 2-3 seconds, while the rest of the time is spent on additional processing by third parties in the form of exchanges and local payment services.
Despite the fact that the true XRP value is questioned by many representatives of the financial and banking industry, the company itself believes that the token will be used not only for speculation on exchanges and that its solution will be widely used to transfer valuables and help organizations to free up means for other purposes.
Mercury is delighted with the incredible speed and cost-efficiency of the xRapid pilot phase and is excited about a production rollout in the near future. To date, the Ripple collaboration has been a great success.
Founder, Mercury FX
In the experiment that Mercury FX conducted, non-profit organization Mision Mexico participated. Instead of donating through the traditional banking system, the funds were almost instantly sent using XRP tokens and converted into Mexican pesos.
It’s encouraging to see positive xRapid results because they validate what many in our industry already know: certain digital assets have utility. XRP’s utility lies in its speed and scalability, which makes it the perfect fit for cross-border payments. The XRP Ledger can send 1,500 transactions per second.
SVP of Product, Ripple
At the same time, it should be noted that if the XRP Ledger network theoretically can process 1,500 transactions per second, it still significantly lags behind Visa's payment system with its 24,000 transactions per second. Similar indicators of SWIFT are estimated at 30 million transactions per day or about 350 per second.