Ripple xRapid with cheaper and faster cross-border transfers
Ripple released a report that warned the progress of his pilot testing for the Ripple xRapid product. The pilot tests show that xRapid is successfully achieving faster and cheaper transboundary transfers.
The complaint has always been that sending money all over the world is slow and comes with huge fees and xRapid aims to resolve this. Ripple's report stated that "xRapid uses technology behind the XRP digital assets to make real-world cross-border payments. The results collected by some pilots for xRapid are now available "
The report cited results from cross-border payment testing between the United States and Mexico in financial institutions using xRapid. These cross-border payments were between 40-70 percent cheaper than the fees usually paid for foreign exchange agents.
On average, a xRapid payment was not only cheaper but faster than regular cross-border payments. Payments xRapid took just over two minutes, which is significantly faster than two to three normal days that transfrontier transactions take on a regular basis.
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