System xRapid from Ripple on the basis of the token XRP to start work within the next month. This news was shared by the representative of the company in an interview on CNBC.
xRapid — is a platform for cross-border payments in real time. The product is intended for banks and other financial institutions and has already attracted some notable partners. Many investors believe that this platform is the best application for token XRP.
Head of regulatory relations Ripple in the Asia-Pacific region and the middle East Surbhi Sagar (Sagar Sarbhai) told CNBC that the company has made significant progress in formulating xRapid, and the product is almost ready to launch.
“I am fully confident that in the next month or so, you’ll see good news about product launch,” said Surbhi.
XRapid system allows organizations such as the Bank, to convert Fiat money into tokens XRP. Then, these tokens are sent to the receiver and converted back to Fiat. All this is automatic and much faster than using conventional payment systems. In August, the Ripple of the cryptocurrency exchanges Bittrex, Bits and Coins.ph, which will serve the ecosystem xRapid.
XRP critics argue that the system will not be widely adopted by banks and other financial institutions, and Ripple, creating xRapid, just hoping to find a use for the tokens. However, the company has managed to attract strong partners in the development phase of the platform, among whom were American Express, Western Union and SBI Japan. According to Ripple CEO brad Garlinghouse (Brad Garlinghouse), by the end of 2019, banks will use the system. In addition, in an interview with CNBC Surbhi added that regulators and policy makers around the world are beginning to understand the benefits of cryptocurrency, this means that they will find wider application in the future.
Now, within the existing partnership agreements, the company tested xRapid and yet another platform for payments from Ripple xCurrent. According to Sebha at least 120 financial institutions are now using xCurrent to improve the effectiveness of their systems of cross-border transfers. However, the company believes that most of the clients will be transferred to the new platform.
In early August, the media was a rumor that Ripple wants to combine several products — xRapid, xCurrent and xVia, one under the name of Convergence. Talking about this appeared after Jim Chauncey-Kelly (Jim Chauncey-Kelly), the Director of the attracting specialists in Ripple, in an interview said that in the beginning of the year, the company hired a lot of developers to create software Convergence, which will combine three products into one. No explanation Kelly then no longer given, and even deleted all their tweets, which was attended by the mention of Convergence. However, later, he wrote the following on Twitter:
“Hi everyone — just to be clear — we have three products: xCurrent (in commercial operation) and two more in development — xVia and xRapid. They will soon be released in “convergence.” There is no software that would be called “convergence”.
Recall that last week, the national commercial Bank of Saudi Arabia (NCB) became a partner RippleNet opening of the company access to a new large market.