Ripple’s CEO Brad Garlinghouse, made an announcement that xRapid, a platform that uses XRP to provide accelerated cross border payments and also to improve liquidity in its real time settlement software, is now fully Available for Commercial Use at the Ripple Swell 2018 conference in San Francisco.
xRapid is Ripple’s solution for financial institutions to provide efficient cross border transactions with low fees versus current standard transferring formats. Mercury FX , Cuallix, and Catalyst Corporate Federal Credit Union will be the first adopter of Ripple’s new service. Garlinghouse expects that many banks will adopt and integrate XRP before 2020.
After a series of pilot test in cross border payments around the world, but mainly taking place within US and Mexico, reports that XRapid saved companies between 40%-70% towards the amount they pay financial brokers for fiat fees. With the official release now present, this is XRP’s debut for commercially global use by financial institutions.
Ripple’s senior vice president of product Asheesh Birla, told CNBC:
“Here’s something where we’re finding a ton of value and providing a ton of value to our customers using digital assets to move money more efficiently.”
While major banks will most likely not be first adopters, the company is looking towards countries with an emerging market. Birla commented:
“Those countries have a lot more forward-looking regulation when it comes to digital assets, so I would envision that those would be the first bank adopters.”