xRapid adoption continues and Ripple celebrates another name which chose to use their product.
Viamericas is the fourth financial institution that’s using Ripple’s XRP-powered product xRapid in order to power global money transfers.
The firm is a licensed international transmitter for money transfers, check processing and bill payments.
Ripple explains how xRapid works
In a fresh overview on Ripple, the company names the company along the three more firms that have previously introduced xRapid.
“Global payment providers, such as Viamericas, Cuallix, IDT, MercuryFX and others are using xRapid to significantly lower their liquidity costs and send real-time payments — an industry first,” Ripple says.
They continue and explain that “Using xRapid, RippleNet customers have saved up to 70 percent of the typical cost of a transaction, with XRP settlement happening in just three to five seconds.”
Ripple revealed the launch of xRapid during Swell 2018 conference
The new document outlines precisely how xRapid works. RippleNet customers have the option of choosing to access on-demand liquidity by implementing Ripple’s xRapid.
The product automates the whole process of moving money instantly across the border via digital assets.
RippleNet customers just initiate the payments in their local currency and xRapid makes sure to handle the rest.
“xRapid converts the local currency into XRP at a digital asset exchange and sends it instantly across the XRP Ledger to the destination country. xRapid then converts XRP back into the local currency on the destination side and forwards the money to the beneficiary,” Ripple says.
Paul Dwyer, co-founder, and CEO of Viamericas said that he expects xRapid to grow into an essential element of international money transfers.
He also said that XRP would play a massive role in the future of cross-border payments and it will help address a lot of the structural inefficiencies that traditional infrastructures have been struggling with so far.
You can read everything that you need to know about xRapid here.