Ripple has been having some really great days for a while now. The company is celebrating a fourth financial institution added to its list of companies which are using the XRP-based product xRapid.
Viamericas is the company we’re referring at, and it uses xRapid to power its global money transfers. Viamericas is a licensed international company for money transfers, bill payments and check processing.
Viamericas uses xRapid
The official website notes that “Viamericas is a #1 ranked and licensed money transmitter offering international money transfer, bill payment, check processing and top-up services at thousands of agent locations across the United States, and over 76,000 locations in 29 countries for cash payout or direct deposits to bank accounts.”
Ripple names the company along the other three that are using xRapid at the time. The other three firms are Cuallix, IDT and MercuryFX.
Other companies are also testing xRapid at the moment in order to lower liquidity costs and send real-time payments.
Ripple says in their overview that “Using xRapid, RippleNet customers have saved up to 70 percent of the typical cost of a transaction, with XRP settlement happening in just three to five seconds.”
Explaining how xRapid works
The document presents how exactly xRapid works. RippleNet allows customers to choose on-demand liquidity by implementing the product xRapid.
This will automate the process of moving money instantly across borders via digital assets.
Customers just have to initiate the transfer in their own currency and xRapid makes sure to take care of the rest. The local currency will be transformed into XRP, and the amount will be instantly sent to the destination country. xRapid will then convert the crypto back to the local currency, and that’s it.
You can read the complete document here.
Viamericas CEO Paul Dwyer sees Ripple, xRapid and XRP as essential elements for the future of international money transfers and they’ll be able to address all the downsides of traditional money transfers.