Mercury FX Plans To Open Ten Payment Corridors Using Ripple’s xRapid Solution

Blockchain, News | February 25, 2019 By:

Mercury FX, a global currency specialist for individuals and businesses, is planning to open ten new payment corridors that will be powered by xRapid, the Ripple product powering cross-border payments.

Mercury FX, which offers a secure and cost effective alternative to banks, partnered with Ripple in January 2018 to use xRapid to move payments in real time and provide a more efficient and transparent customer experience. xRapid connects a financial institution directly to exchanges in both the sender’s and receiver’s countries.

During the Ripple Regionals 2019 event in London, Mercury FX CEO Alastair Constance said they have successfully trialed Ripple’s xRapid solution in Mexico.

“We’ve had great success so far. We trialed several payments to Mexico which were company funds we donated to a Mexican orphanage,” Constance said. “We did our first live commercial payments a couple of weeks ago. So we are now making payments for a UK corporate to Mexico to import Mexican food… And they are moving a lot faster than payments would go through Swift, at a much lower cost.”

Constance further said that there could be up to 10 different payment gateway at around Q2 timeframe this year. He added that they would use xRapid to power payments from the UK to Canada and the Middle East, in addition to Mexico and the Philippines.

“The testing phases are behind us,” Constance said. “It’s two countries today… it could be 10 before the middle of the year.”

According to Constance, making payments through xRapid doesn’t require high-end technical know-how, and will not require users to dive deep in understanding the working of Ripple’s blockchain.

“I think from a customer point of view, you almost don’t want to show them too much of the technology or explain too much of why it’s working as it is,” Constance said. “I don’t understand how a car works, but if it parks for me that would be even better. And I think it’s the same kind of thing. But what they are seeing is payments arriving in one-hundredth of the time and they’re paying a lot less, if anything, for i. And I think that’s the key.”