Ripple’s is planning to launch a commercial version of its xRapid payment system in the next month or so. This is something the fintech company told CNBC. Ripple spokesman Sagar Sarbhai added that the company will have ‘some good news coming in where we launch the product live in production’.
With xRapid international payments should be settled in real time, speeding up the process big time. The liquidation costs are minimized and the speed of a money transfer will be a lot faster. The service is build for commercial use and is back by the XRP token.
Earlier this spring several financial institutions participated in a pilot test for the xRapid platform. They tested money transfers between the US and Mexico, from US dollars to Mexican pesos. The participants reported savings of 40 up to 70 percent. The transaction speed went from 2 or 3 days to ‘just over two minutes’.