Ripple recently published a report on the pilot testing of new channels of cross-border transfers between the United States and Mexico, provided xRapid. According to the data obtained at the end of the tests, the use of xRapid instead of the traditional systems of mediation allowed the participants to reduce from 40 to 70 percent of the cost of the operation. Significantly decreased and the average duration that even with a double conversion from dollars to XRP and then to the peso transaction took about two minutes instead of the standard two to three business days. Success, as you might imagine, provides not only the attractiveness of Ripple technologies, but also common interest of the financial sector. Dileep RAO (Dilip Rao), head of infrastructure innovation Ripple, says:
“Central banks around the world are showing increasing interest in blockchain technology, knowing that it can change international payments, eliminating barriers to trade and barter, for businesses and for consumers.”
Despite the fact that the attention of investors and media in recent time took Stellar, Eosio and Cardano, don’t forget about Ripple. The company continues to sign partnership agreements with many companies operating in the financial sector, slowly approaching the next phase of its plan a “Trojan token”. After the speech of the first Vice-President of the production Department Ripple Labs Ashish Birla (Asheesh Birla) on the Payments Canada summit, also appeared rumors that the Ripple is negotiating with Amazon.
In addition to the number of new partners, the Ripple is significantly expanding its geography. Mainly working in the Asian market last year, now the Ripple is expanding its presence in Europe (Santander, FairFX, RationalFX, Exchange4Free) in BMENA countries (e.g., Oman and Saudi Arabia). And even services, their very existence is a Ripple actually a threat, chose to use a technology startup.
MoneyGram, Mercury FX and IDT — one of the largest monetary intermediaries in the world. All three companies use as xRapid and XRP for accelerated payments and provide liquidity. In February it became known that the Western Union is also considering joining the network RippleNet as part of the plan for modernization of business.
For banks, the transition on xRapid — or xCurrent, depending on their specific needs, means the elimination of the required “match” of currencies. Despite the fact that the client will need banknotes of a particular country, at the entrance they are, in fact, can be anything, as RippleNet provides transaction processing with conversion in the native token XRP (that xCurrent is at all mandatory).
To date, the Ripple is still a lot of problems. Chief among them, perhaps, are the claims made Ripple investors concerning XRP and other products of the company. However, if plans for the mass creation of demand, announced head of the company cryptographer David Schwartz (David Schwartz), Ripple will be implemented in the near future, it is unlikely the real value of this would be anyone to bother.