Due to various achievements, developments, adoption, and partnerships, Ripple (XRP) have been at the center of attention this year. The popularity of Ripple has been primarily due to its instant cross – border payments, which have earned it accolades from traditional financial institutions and even in the media. Although controversy has arisen over whether Ripple’s XRP token should be considered a security, Ripple has focused on embedding new businesses with their payment processing benefits. There are 19 companies according to a report that has already introduced XRP for cross – border payments or planning to introduce.
One of Ripple’s primary targets is to replace SWIFT and overcome all of its flaws.
For decades now, banks and financial institutions have used the traditional payment system, but there are many voices which claim that it is too old and its faults are many. This includes high charges, reduced transaction security, slow speeds and more. Ripple has perfected this and can offer customers cheaper charges, more secure transactions, and faster transaction.
Ripple has already confirmed that the company’s xRapid XRP – powered solution contains four crypto exchanges on board. These include Bittrex, Coins.ph, Bitso, and Bitstamp, respectively. The exchanges will help banks and financial institutions use XRP as a bridge currency to move fiat across borders.
Below is a list of Nineteen companies that are involved with xRapid.
Catalyst Corporate Federal Credit Union is a wholesale financial cooperative that serves U.S. member and client credit unions. The company believes that using blockchain and xRapid helps solve the price, speed, and user-friendliness challenges
Coins.ph have been added to allow consumers to send their Philippine Pesos across borders
Euro Exim Bank
The company’s goal is to be able to use XRP as a vessel to show how quickly and efficiently the crypto industry is.
Bitso was added with a view to making it easy to transfer and convert US dollars and Mexican pesos within the banks.
Bitstamp was the fourth addition to xRapid and is one of Europe’s largest crypto exchanges already established. Bitstamp’s addition occurred last year in December, further expanding the network.
Cuallix has been serving as a financial institution within the United States, Hong Kong, and Mexico. Though it is not a bank, it has been able to serve both banked and unbanked customers.
Originally established in London, Mercury FX offered exchange rates and lower fees that offered better deals than local banks. The company has the same support of hedge funds, but with better rates, with an established place in the Interbank FX markets.
SBI Virtual Currencies
SBI Virtual Currencies just released their digital exchange of assets, but their first launch announcement is that XRP would be the only digital asset that was planned to be supported at that time.
Viamericas, along with check processing and bill payments, is known to the world as a licensed international transmitter for global money transfers. Part of the purpose of its addition was to reduce these payments ‘ liquidity costs after adding Cuallix, IDT, and Mercury FX.
In an effort to quickly settle retail payments, which is a multi-billion dollar market, IDT decided to integrate xRapid. IDT Corporation will also be used for corporate transaction settlement purposes
Arrington said his platform really wanted to be the first hedge fund in cryptocurrency to be denominated. He said, because of the cheap and fast transaction times, XRP was “the best” for that purpose, although he said it was “a little bit more centralized” than Bitcoin.
For the ability of xRapid to settle payments in real time, SendFriend partnered with Ripple. Much emphasis was placed on the lack of pre-funding necessity and the reduced risk of sending payment.
In addition to reducing transaction times to almost nothing and minimizing the costs of those cross – bound payments in Australia, FlashFX announced its new payment solution with xRapid for 2016.
JNFX is a London – based foreign exchange company. JNFX announced in January that it would use XRP to process its customers ‘ payment for on-demand liquidity.’
The Singapore based platform has always boasted of its security in digital currency purchasing, sales, storage, and transfer. About two months ago, the company published its survey on Twitter to evaluate what their platform was thinking of the current XRP community.’
In January, Company agreed that, in terms of payment processing, XRP is on demand for its liquidity.
Though it was already implemented when Bittrex, Bitso, and Coins.ph were added, cross border payments were further supported in Mexico and the Philippines by adding them to the xRapid network.
R3 recently launched an application that specifically uses XRP in traditional and blockchain companies for global payment.
Bittrex is considered one of the biggest exchanges in the United States for the cryptocurrency. The company announced its partnership with Bitso and Coins.ph, at the same time as its addition to xRapid was announced. Cross – border payments between Mexico and the United States take place immediately with the addition of both banks.
After news that eToro is considering a partnership has surfaced, Ripple was again in the spotlight. It is also said that to learn more about the cross – border solution that used the digital asset XRP, Yoni Assia has recently paid a visit to Ripple.