It has been coming for some time now, but Ripple’s xRapid solution has been made commercially available. Numerous companies have shown an indication to experiment with this technology, although the following three companies are the only ones effectively forging ahead at this time. It shows the demand for xRapid is picking up, which can lead to some interesting developments moving forward.
#3 Catalyst Corporate Federal Credit Union
There are numerous opportunities to explore for credit unions when it comes to blockchains and digital payment methods. Catalyst Corporate Federal Credit Union has high hopes for Ripple’s xRapid at this time, as they will be one of the first to effectively integrate this technology. Their main purpose is to address issues affecting international wires, which are too slow and expensive at this time.
According to the firm, xRapid offers a solution to all challenges faced right now. This includes lower fees, faster transactions, and ease-of-use. By leveraging this technology, the credit union will move money across borders instantly rather than dealing with delays which can last multiple days. Further information regarding the exact technical specifications will become apparent as the company inches closer to rolling out their revamped services.
It is no secret MercuryFX has a keen interest in Ripple and its xRapid technology. The remittance provider was part of the company’s initial test of this solution many months ago. This further confirmed MercuryFX would commercialize this technology sooner or later, which is happening over the coming weeks.
Commercial payments courtesy of MercuryFX will be rolling out within the next quarter. This is another prime example of how xRapid can replace slow and expensive payments architecture. The time is now to explore opportunities in terms of global access, new capital flows, and instant settlements. For MercuryFX, xRapid seems to be checking all of the right boxes.
The name Cuallix might not ring a bell for some people. This particular company specializes in extending loans to customers in the US, Hong Kong, and Mexico. Given their position in the world of providing credit and payment processing solutions, incorporating xRapid seems to be a logical step in the evolution.
For Cuallix, the main reason xRapid stands out is through its efficient payments and focus on digital assets. Both of the company’s main services – Payllix and Cuallet – will offer instant micro-payments from the US to Mexico. Other corridors may be explored later on, but Mexico will be the primary point of focus at this time.