On Thursday, Ripple has published the results of their pilot programs on the basis of the xRapid. According to the report, this testing demonstrated significant savings on commissions and a reduction in the overall time of the transaction.
Recall that xRapid — Ripple is a project designed to facilitate surgery using XRP as an intermediate currency. In recent months, the startup has announced a number of partnerships with companies (such as IDT and MercuryFX) piloting xRapid and xCurrent, another offer, which gives banks the ability effectively to move money across national borders and does not use XRP.
According to senior Vice President of products Ripple Ashish Birla (Asheesh Birla), the company found that the results of the seven pilot projects were quite similar in all directions. So the startup has combined these data in its report, and cited an overall rate of 40-70% savings. Birla also said that cross-border transactions in the pilots takes only a few minutes compared to a period of several days that are typically required for payments of this kind.
Birla added that while the transaction from one financial institution to another took a few minutes, on operation with a network the XRP Ledger took only a few seconds, and the rest of the time was spent by third parties that convert Fiat into XRP and back through the local exchange.
“We will continue to run pilots and work to make the product the final touches. The next step will be the transition from the pilot version to the final product,” said Birla.