The executive director of Ripple Brad Garlinghouse said about this at the Swell conference, which took place from 1 to 2 October in San Francisco.
The main feature of the xRapid platform is the usage of the XRP token. Application developed for payment providers and financial organizations. It will help to increase the speed of transactions, increase their transparency and reduce costs.
MercuryFX, a service for international payments, Cuallix, which helps to make payments between the United States and Mexico, and Catalyst Corporate Federal Credit Union – financial services for US credit unions are among companies that have agreed to the commercial use of xRapid.
Recall that back in May, Ripple presented the results of the pilot projects, where they applied the XRP token and the xRapid platform. As a result, test participants reduced transaction costs. Savings amounted to about 40-70%. At the same time, the processing speed of operations has increased significantly. If earlier it took about two to three days, the service helped to reduce the time to two minutes.