British company Currencies Direct has made a huge announcement about Ripple since it has successfully conducted international payments through the Ripple xRapid technology.
According to the project participants, Currencies Direct conducted direct transactions between previously selected organizations, which took a few seconds, unlike the 3-5 days that are currently required.
This test served as a technical proof that Ripple as a means of exchange in comparison with traditional methods of payment has a high speed and degree of transparency.
With the help of xRapid, the financial institution directly connects to exchanges in the country of the sender and the recipient. The sender’s funds are exchanged for XRP, and then for the destination currency. The transaction is fully monitored, and requires a few seconds to completthe transaction.
“Our goal is to offer the best possible service. We believe that utilising cryptocurrencies in this way – as a transfer of value, rather than as a store of value – is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies and we’re proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers , ” said Brian Harris, Chief Product Officer at Currencies Direct
According to the senior vice president for Product Management at Ripple, Asheesh Birla, xRapid is able to significantly reduce the costs and time required to make international payments. Ripple xRapid technology expands the capabilities of customers and allows payment service providers to gain a competitive advantage in the market.