Ripple has long promised that using their payment tool xRapid with a digital asset such as XRP will provide immense benefits to users. XRapid can help both businesses and individual users save time and money. The efficiency described by Ripple sounds like a no brainer. And now Ripple’s mission seems to be finally coming to fruition.
Mercury FX is global currency exchange company that announced their involvement with Ripple and xRapid a while back. They just completed their first payment using xRapid by sending money from the UK to the Philippines.
Mercury-fx Ltd took to social media to spread the news about the historic payment.
@mercury_fx_ltd let everyone know how they can utilize the system in a Tweet thread.
1/3 Mercury has just made history and completed the first ever commercial payment using #xRapid to the Philippines.
— Mercury-fx Ltd (@mercury_fx_ltd) March 5, 2019
Their payment saved both parties over a day’s worth of time, and the simple process will surely inspire repeats.
Mercury FX CEO Alastair Constance marveled at the capabilities businesses can gain by using xRapid when he spoke at Ripple Regionals 2019 in London.
“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.”
He went on to explain, “when you’re looking at high volume payments for companies involved in import/export or remittances or whatever the case may be, when you start to look at the economics of how they stack in favor of a Ripple payment over xRapid, perhaps over Swift, the numbers are actually quite eye-watering.”
The speedy and efficient process xRapid offers will allow businesses to find cheaper solutions and offer more effective products for clients or customers. Mercury FX is now expanding its services across multiple countries due to all Ripple has to offer. Similar companies will most likely follow in the search for blockchain solutions.