xRapid is an innovative payment system for banks from Ripple crypto-company. The technology was developed to reduce the cost of cross-border payments and speed up the transfer of money to other countries.
XRapid technology description
The xRapid payment system operates using Ripple (XRP) cryptocurrency. The technology work principle lies in the fact that both sides are connected to the Ripple xRapid system through a special API. At the same time, the sender converts the currency sent in XRP and sends it to the recipient's address. The recipient, in turn, transfers tokens to any necessary fiat currency.
The convenience of the technology lies in the fact that payments based on cryptocurrency transactions are realized in 2-3 minutes. The commission for such a transaction (with conversion) is as low as possible. For example, if you compare the xRapid and SWIFT technology, then the first will be more than half the price.
Interesting in the section: Strengths and weaknesses of Вitstamp
Of the benefits of technology: the bandwidth of the XRP Ledger consensus registry can achieve 1500 transactions in one second. For comparison, this is four times more than the SWIFT transfer system, which can realize a maximum of 350 transactions.
Using the xRapid payment system
Today, xRapid is considered the fastest money transfer system in the world. Now, more than 500 international banks have begun testing and using it. Such companies as Bittrex, IDT, MercuryFX, Bitso, MoneyGram and Cuallix have been cooperating with Ripple payments for years.
Interesting in the section: xRapid payment system. Cryptocurrencies and banking
The technology is particularly popular in the area of cross-border payments. At the beginning of 2019, more than 200 banks in the world are using this financial instrument. In 2018, the xRapid project received a license to cooperate with the central banks of the European Union.
Editor: Pereyidenko Ihor