On Monday, the British payment provider Currencies Direct reported a successful cross-border transfer using XRP. This transaction was made as part of testing tool xRapid, and Currencies Direct was pleased with the result.
“We want to offer our customers the best service possible to create. Therefore, we believe that the use of cryptocurrencies for the transmission of values is the next logical step in the development of our industry,” said product Director at Currencies Direct Brian Harris (Brian Harris).
Earlier this month, Ripple presented the results of several tests of the system xRapid, and although at the moment launched seven pilots, experience Currencies Direct — one of the first successful tests of a digital asset a large financial services provider.
“This is a breakthrough for the industry, which demonstrates how FINTECH companies, such as Currencies Direct, to help revolutionize the financial services sector,” explains Harris. — “We are honored to be the first one to have introduced this technology.”
Using xRapid financial organization is directly connected to two exchanges in the country of the sender and the recipient. Fitna the currency that is used by the sender is exchanged for XRP, and then the exchange recipient tokens are converted to the desired currency, which is then delivered to the recipient’s account. Thus cross-border transfer, which in the traditional system takes 3-5 days, is for a few seconds.
“The results are quite eloquent — xRapid with XRP significantly reduces the cost and time of international transactions. Thus xRapid helps payment providers to gain a competitive advantage in the market”, — said senior Vice-President of this product as a Ripple, Ashish Birla (Asheesh Birla).
It should be noted that there are tests and other blockchain technologies that can accelerate the process of conducting cross-border payments. So a week ago a Thai Bank Bank of Ayudhya PCL announced the successful transfer of funds from Thailand to Singapore via Krungsri Blockchain Interledger.
At the same time with their counterparts from Thailand, the German Commerzbank transferred 500,000 euros, using the platform R3 Corda. As in the two previous cases the money was received by the recipient almost instantly.