A British company, Currencies Direct, dealing with international currency transactions, successfully made using system xRapid from Ripple several of remittances spent on transaction processing only a few seconds.
In the system xRapid used digital asset XRP, which allows to reduce the time of translation from the usual 3-5 days (traditional payment systems) to several seconds.
In the company called a pilot project one of the first successful tests of a digital asset as a tool for speculative trading, which still dominated the market, but as a means of transmitting value, which is a technological proof of concept XRP and will mark the transition of digital assets to a new level.
The Director of product development in the company Currencies Direct Bryan Harris said:
«Trial translation using the XRP came to us as a resounding success. Currently we are planning our next course of action, but the evaluation of collected data indicates that the use of XRP makes the payments are almost instant and significantly improves service to our customers.»
«Our goal is to offer our customers the best service. We believe that using cryptocurrency as a means to transfer, not storage of values – this is their direct purpose and this is the next logical step in the development of the financial industry. We are very proud to employ new technology to ensure our customers the most convenient and seamless service,» said Harris.
Using xRapid there is a direct connection to the exchanges in the country of the sender and the recipient. Means the sender is exchanged for XRP, the translating and then exchanged for the currency of destination. Processing transactions takes just seconds, and the information on it is fully traceable.
Leading specialist of the Ripple on the development of products Ashes Birla (Asheesh Birla) stated that xRapid can significantly reduce costs and the time required to carry out international payments, and extends the capabilities of customers and providers of payment services to obtain a competitive advantage in the market.