After what looks to be a very successful trial run of the third largest crypto-asset based on market cap.Ripple(XRP)'s XRapid, which is a liquidity solution designed to facilitate cross-border money transfers.
“We were very pleased with our pilot results. It’s clear that xRapid can lower liquidity costs while increasing payment speed and transparency in a way that facilitates rigorous compliance controls. We believe that digital assets like XRP will play a key role in the future of cross-border payments, helping to safely address some of the structural inefficiencies of legacy settlement infrastructure as their adoption grows. We look forward to exploring next steps with Ripple.” - Paul Dwyer, Co-founder and CEO, Viamericas.
These are indeed exciting words from Mr. Dwyer. This is according to the results of pilot cross-border transactions. The results are positive, to say the least. Participating institutions reported a significant decrease in transaction times. To be more specific, payments using Ripple's XRapid were completed in an average of two to three minutes.
When compared to an average standard of two to three DAYS!, this is a real win for Ripple (XRP)and blockchain at large. Money transfers between Mexico and the USA are a very big market for the financial institutions involved. Naturally, the payment providers are looking to gain an upper hand by lowering costs and related transfer times.
“It’s encouraging to see positive xRapid results because they validate what many in our industry already know: certain digital assets have utility,”
These words were spoken by Asheesh Birla, SVP of Product at Ripple are especially true. Reuters reported on the eleventh of this month that nonprofit organization Payments Canada, The Canadian Central Bank and TMX Group(Toronto Stock Exchange operator) completed a run of tests (Project Jasper)which led to the conclusion that blockchain technology can be used for instant securities settlements.
Ripple's growing, global network has thus far proven that it can lend to financial institutions, the power to process their customers' transactions across borders instantly and cost-effectively. In April of this year, Santander became the first Bank to roll out a blockchain-powered cross-border payments system. This system uses Ripple's settlements technology.
Blockchain has come a long way from the birth of Bitcoin in 2009 and amidst the trash talk from Charlie Munger, the warnings from multiple governments about investing and the downright crackdowns in Asia. Ripple (XRP) appears set to bring crypto and blockchain to a real-world setting.