xRapid Commercial Productionhttps://twitter.com/Ripple/status/1046852399476817920 Ripple recently revamped its website and now has branded its products under the RippleNet bubble. Under this bubble, it offers its xRapid product that provides on-demand liquidity for financial institutions for cross-border payments using the digital currency XRP. The company just announced that xRapid has gone commercial and is now in production with a few customers already. The team at Ripple announced that it has signed agreements with MercuryFX, Catalyst Corporate Federal Credit Union, and Cuallix—so far. >> NEM Gains 13% in 24-Hours While the Rest are Sleeping. What's Causing this Bull-Run?
RippleNet ExpansionBoth MercuryFX and Cuallix were participants in the pilot phase of xRapid that occurred earlier in the year. MercuryFX plans on deploying the Ripple product for its Mexico-to-Europe transactions. Alastair Constance, CEO and founder of MercuryFX, said:
“MercuryFX has been working closely with Ripple for more than a year to bring the power of RippleNet to our customers. In pilot tests we saw the benefits of xRapid, and we’re excited to roll commercial payments out within the quarter. The time to replace slow, expensive payments architecture is now because the need for global access to smooth-flowing capital has never been so acute.”Catalyst Corporate Federal Credit Union currently serves more than 1,400 US members and plans on using xRapid to create a new cross-border payment service for its members. While the financial institution's plan isn't set in stone yet, it claims that it will leverage XRP to transfer money cross-borders. At press time, XRP is currently trading at $0.561 a coin, down -0.36% in 24 hours. Featured Image: Depositphotos/© volodymyrshtun