Currencies Direct, a UK-based foreign exchange broker and international payment provider has joined the ranks of the first financial institutions in Europe to successfully complete an overseas payment transfer with XRP token using Ripple’s xRapid platform.
As a part of the trial, Currencies Direct has conducted a number of transactions with its pre-specified international counterpart on xRapid. The international payments which usually takes between 3 to 5 days were completed in seconds on the decentralized platform.
After the trial, Currencies Direct’s Chief Product Officer, Brian Harris, said: “Our trial with XRP was a resounding success. We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers.”
“Our goal is to offer the best possible service. We believe that utilizing cryptocurrencies in this way – as a transfer of value, rather than as a store of value – is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies and we’re proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers,” Harris added.
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Is xRapid the future?
Ripple has developed xRapid to connect financial institutions around the world on a blockchain-based network easing interbank services like international money transfers, and as the platform’s currency, the banks have to use Ripple’s native XRP token.
“This represents a revolutionary step for the industry and clearly shows how FinTech companies like Currencies Direct are helping to revolutionize the financial services sector. We’re proud to be early adopters of this technology,” Harris explained.
Ripple had already partnered with hundreds of financial institutions, including commercial and central banks, around the world to implement its blockchain-based products. Institutions like Amex, Saudi Arabia’s Central Bank, the UAE Exchange, Santander, RakBank, and Cuallix all are part of Ripple’s consortium.
Asheesh Birla, Senior Vice President of Product at Ripple, said: “The results speak for themselves – xRapid leverages XRP to transform the way money moves by significantly lowering the cost and time it takes to make a cross-border payment. xRapid offers an enhanced payments experience, while also allowing payment providers to gain a competitive advantage in the market.”