Ripple’s xRapid Agreement
According to the press release, Ripple has signed an agreement with three new cryptocurrency exchange platforms for its cross-border payments settlement product – xRapid.
As we can find in the release, xRapid payment flow will look like from the U.S. to Mexico:
- A financial institution that has an account with Bittrex initiates a payment in U.S. dollars via xRapid which is instantly converted into XRP on Bittrex.
- The payment amount in XRP is settled over the XRP Ledger.
- Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.
to another FIAT currency.
— Cory Johnson (@CoryTV) 16 sierpnia 2018
Financial institutions who took part in the first release of the xRapid platform, and tested payments between the U.S. and Mexico, reported an improvement in transaction speed from 2-3 days to “just over two minutes.” and transaction savings of 40-70 percent.
If you want to comment this article, visit our Blockchain24.co forum!
The blockchain24.co site shall not be held responsible for any consequences resulting from the use of data contained in the pages of the site.