Ripple has unveiled the latest xRapid pilot results that show incredible results for financial institutions. The companies that used the services developed by Ripple were able to save between 40-70% and payments took between 2 to 3 minutes (compared to 2 to 3 days before).
Ripple xRapid Incredible Results
Since the very beginning, Ripple (XRP) has been developing different products to change the way in which financial institutions process their cross-border payments. One of the latest products released is xRapid which eliminates delays in global payments and at the same time it lowers the costs.
According to a press release written by Asheesh Birla, Senior Vice President and Product Management at Ripple, the xRapid product was able to improve transaction times and reduce costs. The pilot was tested in a critical remittance corridor between the United States and Mexico.
The statement reads as follows:
“For payments in the critical remittance corridor between the U.S. and Mexico, financial institutions using xRapid saw savings of 40-70 percent compared to what they normally pay foreign exchange brokers. An average xRapid payment took just over two minutes, compared to today’s average of two to three days when sending cross-border payments. The portion of the transfer that relies on XRP Ledger takes two to three seconds, with the additional processing time attributed to movement across the intermediary digital asset exchanges and local payment rails.”
To use xRapid, a financial institution needs to get connected directly to digital asset exchanges in both the originating and destination corridors. The originating currency is exchanged into XRP – providing the necessary liquidity to power the payment – and in seconds the XRP is exchanged into the destination currency in the second digital asset exchange.
Ripple Staff Comments
Asheesh Birla wrote in Twitter:
“The first #xRapid pilot results are in: financial institutions saved 40-70% and payments took 2-3 mins (vs. 2-3 days).”
— Asheesh Birla (@ashgoblue) May 10, 2018
Additionally, Brad Garlinghouse, Ripple’s CEO tweeted:
“Real customers with real use cases: #xRapid pilots prove financial institutions can settle in minutes with up to 70% in savings. Results do speak louder than words.”
— Brad Garlinghouse (@bgarlinghouse) May 10, 2018
If you want to know more about Ripple (XRP) read our guide here.