Ripple’s xRapid Platform Piloted By FX Broker Currencies Directbr>
Established in 1996, Currencies Direct offers foreign exchange services, forward contracts, telegraphic transfer, risk solutions, affiliate partnerships and online services. It specializes in services for those who are buying property abroad, emigrating, importing and exporting, studying overseas, selling online or making other large and/or regular foreign exchange transfers.
During the trial, Currencies Direct made several money transfers with its pre-specified international counterpart on xRapid, which took only a few seconds, whereas in traditional systems it takes up to 5 days. The company said the pilot has served as “a technological proof of concept for XRP as a means of value transfer, achieving superior speed of payment and end-to-end transparency.”
Brian Harris, Chief Product Officer at Currencies Direct, said of that their trial with XRP was a resounding success and that using XRP to facilitate future transfers can help the company “significantly improve” customer service.
“Our goal is to offer the best possible service. We believe that utilizing cryptocurrencies in this way – as a transfer of value, rather than as a store of value – is the next logical step for our industry,” Harris said. “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.”
xRapid was developed for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience. The platform allows to circumvent the requirement of obtaining pre-funded local currency accounts when conducting payments in emerging markets. It connects a financial institution directly to exchanges in both the sender’s and receiver’s countries.
“This represents a revolutionary step for the industry and clearly shows how FinTech companies like Currencies Direct are helping to revolutionize the financial services sector,” said Harris. “We’re proud to be early adopters of this technology.”
Earlier this month, Ripple released the results of several xRapid-based pilots. Ripple claimed that financial institutions using xRapid saw a savings of 40-70 percent compared to what they normally pay foreign exchange brokers.