As the remittance market grows in both large and new corridors, the need to make payments in real time, transparently, and certainly becomes a reality.
In fact, global remittances – which include flows to high-income countries – were estimated at $ 596 billion in 2017.
To serve the lively remittance market, Ripple is proud to announce that two new partners – IDT Corporation and MercuryFX – will now use xRapid to regulate the retail trade. remittances and business transactions quickly.
MercuryFX and IDT use XRP to improve the customer experience
IDT and MercuryFX both have unique customers and business models. However, they share a common goal of continually improving their customer experience.
For MercuryFX, one of the world's leading providers of foreign exchange services, its goal is to challenge the status quo in retail transfer payments. Similar to Ripple's goal of reducing friction in global payments, MercuryFX wants to help payments move in real time, delivering a more efficient and seamless customer experience.
"The ripple, the XRP and the fiduciary money go hand in hand.What we do together, is to achieve one of the best use cases for transactions friction-free, which is the international settlement xRapid allows us to reduce the cost of foreign exchange and global settlement, making our customers more competitive and saving them tens of millions of dollars each year.
"Digital assets promise fast transaction speeds but XRP is much faster than all, including Bitcoin." Reducing settlement times for hours and days to three seconds or less will take billions of dollars out of cost. 39, unnecessary intermediaries, "said Alastair Constance, CEO and founder of Mercury FX.
For IDT – a publicly traded telecommunications company that facilitates online money transfers between individuals – the goal is to ensure that their customers can send low global payments cost.
"Our international money transfer business BOSS Revolution regularly uses digital assets to generate cash in trust currencies for our disbursement agents as part of our settlement process," said Alfredo O & Hagan, vice president of payment activities.
"We are excited to pilot Ripple's xRapid solution for on-demand liquidity and expect that xRapid will allow us to settle more transactions in real time and at lower cost."
Payment Service Providers Contributing to the Internet of Value
IoV is Ripple's long-term vision for moving money in the same way that information flows today – instantly.
With xRapid and XRP, financial institutions can eliminate the need for expensive intermediaries or pre-funded Nostro accounts in destination currencies.
Now, these payment providers will be able to send real-time payments at low cost while giving customers visibility into the status of their payments.
"It's no secret that XRP is faster and more efficient than bitcoin or any other digital asset.It installs in three seconds and at fractions of a penny", said Brad Garlinghouse, CEO of Ripple. "Payment service providers such as IDT Corporation and MercuryFX are the first to do so because they understand what XRP can do for their business and customer experience. We are excited to have them at the forefront of the Internet of value. "
Learn more about how xRapid can help your financial institution get cash on demand and send payments in real time.