Ripple’s payment tool xRapid has attained another milestone as the World Bank has approved it for quick funds transfer. World Bank had tested xRapid in 2018 and approved it for quick funds transfer because of the near-instant payments facilitated by the platform.
In a recent blog post titled ‘Paying across borders – Can distribute ledgers bring us closer together?’, the world bank detailed and experiment involving xRapid for use in cross-border payments. The blog also discussed the use of Distributed Ledger Technology (DLT) for remittance.
“In 2018, Ripple, a FinTech company, piloted xRapid, a DLT-based cross-border payments solution, along with the very competitive U.S.-Mexico corridor. Financial institutions involved in the pilot saved 40%-70% in foreign exchange costs, and the average payment times was just over two minutes. The transfer of funds on xRapid took two to three seconds, with most of the processing time explained by domestic payment rails and intermediary digital asset exchanges.”
Ripple has found a place in the hearts of remittance service providers and the users of such services because of the quality it provides in the service, sending funds almost instantly at almost no cost. The company is experiencing significant expansion that is bound to establish its place as the global, pan sectoral payment services provider.
xRapid has been at the center of this expansion with RippleNet also playing a significant role. Not only is xRapid now firmly established in payments but it has also been integrated via extensions into outlook email and may soon be spread to other email providers such as Gmail and Yahoo.
World Bank adopting xRapid for funds transfer is a great addition to Ripple’s expanding network as numerous central banks will be adopting the same. With such expansion, Ripple is definitely on its way to becoming the lead cryptocurrency for remittance on a global scale. The argument that XRP should be the number two cryptocurrency by market cap may soon become valid and a price shoot is the next logical response.
Only one question remains to be asked; what is next for Ripple and what plans does it have for the future?