October 2018 is a big month for Ripple. As well as hosting its annual Swell conference, the San Francisco-based company announced that three payment providers had started using its new xRapid product that uses the XRP digital asset as a means of expediting currency transfers at higher speeds and with lower costs. It is of particular interest to emerging markets where low liquidity solutions with low fees are a priority.
One of the three firms using xRapid is Catalyst Corporate Federal Credit Union. Its main purpose is to address the problems with international wires, which are too slow and expensive. By leveraging this technology, the credit union will move money across borders instantly rather than dealing with delays which can last multiple days.
Mercury FX is another of the trio. It is a fan of Ripple and its technology and the remittance provider was part of Ripple’s initial test of this solution many months ago. Commercial payments courtesy of MercuryFX will be rolling out within the next quarter.
Cuallix is the third firm using xRapid. Cuallix is a financial institution with more than 25 years of history with operations in Mexico, United States and Hong Kong. It is focused on providing credit and payment processing solutions to individuals and companies, with products based on specific customer needs and digital content. Significantly it is a leading financial institution using SWIFT, MasterCard and UnionPay, but for Cuallix, xRapid stands out because if 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, with other countries being added as time goes on.