Probably the best product or, at least, the most popular one that Ripple created is xRapid powered by XRP.
Through it, Ripple plans to replace the traditional payments system SWIFT which has been used by banks and financial institutions for decades now.
SWIFT is plagued by issues regarding fees, security and long time required for transaction completion and this is exactly what Ripple wants to eliminate – all these issues.
They want to create a flawless experience for users who are sending money across borders.
Mercury FX reveals new payment corridor to the Philippines is live, and it’s working perfectly.
The very first payment which has been made using Ripple’s product xRapid was completed on behalf of a client in the UK who wanted to send money across the world in order to pay for the honeymoon.
— Mercury-fx Ltd (@mercury_fx_ltd) March 5, 2019
Ripple to replace SWIFT
Mercury FX CEO Alastair Constance said the company sees xRapid as an effective alternative to Swift.
“We did our first live commercial payments a couple of weeks ago. So we are now making payments for a UK corporate to Mexico to import Mexican food. And they are moving a lot faster than payments would go through Swift, at a much lower cost…” Constance said.
The CEO continued and explained “So when you’re looking at high volume payments for companies involved in import/export or remittances or whatever the case may be, when you start to look at the economics of how they stack in favor of a Ripple payment over xRapid, perhaps over Swift, the numbers are actually quite eye-watering.”
Euro Exim Bank has already ditched SWIFT in favor of Ripple’s XRP-powered product xRapid.
Graham Bright, head of compliance and operations at the bank, has recently told American Banker that the bank plans to use XRP in order to power payments across 80 countries to highlight the speed and efficiency of crypto.
It was also reported that now might be the perfect time to buy XRP because the coin’s value could be about to surge due to various factors.