After Ripple launched xRapid at its recent Swell 2018 crypto conference in San Francisco, the new product is generating more clients that will use XRP to fuel worldwide money transfers. The latest name to the list is Viamericas, a licensed money transmitter offering international money transfer, bill payment, check processing and top-up services.
Ripple’s xRapid, is a software API which utilizes XRP’s speed and low fees to conduct cross-border transactions. Viamericas, is now the fourth to adopt the service, joining alongside Mexico-based Cuallix and London-based MercuryFX, which are remittance companies, and Catalyst Corporate Federal Credit Union. These clients are looking to profit from lower liquidity costs as well as sending real-time payments. According to Ripple, if clients use xRapid, RippleNet customers have saved up to a staggering 70 percent against the standard cost of a transaction.
Ripple released a new document detailing xRapid’s functions:
“RippleNet customers can choose to access on-demand liquidity by implementing Ripple’s xRapid solution. xRapid is a single API that automates the entire process of instantly moving money from one country to another using digital assets. RippleNet customers simply initiate payments in their local currency and xRapid handles the rest.
xRapid converts the local currency into XRP at a digital asset exchange and sends it instantly across the XRP Ledger to the destination country. xRapid then converts XRP back into the local currency on the destination side and forwards the money to the beneficiary.”
Viamericas Co-founder and CEO, Paul Dwyer, has stated that cryptocurrencies such as Ripple’s XRP will be the lynchpin of how to “safely address some of the structural inefficiencies of legacy settlement infrastructure.”