XRapid is a tool that uses XRP for liquidity functios, there are a lot of benefits using this tool. Except an excellent performance and speed, xRapid is taking advantages over centralized systems. There are reduced costs compared to SWIFT charges. XCurrent is most used solution that “allows banks to immediate pay off cross-border end-to-end tracking payments”. Although convenience, there is still confusion that the tool is a separate platform from xCurrent.
However, xRapid is a compatible tool with xCurrent because xRapid transaction uses xCurrent payment platform to liquidate transactions. This option was insert after Ripple noticed the upgrade of xCurrent version to the new 4.0 version. Ripple Inc announced the new version to be in use by a high number of banking clients and would spread out XRP usage now that banks who decide to use it would immediately take advantage by xRapid liquidity provider.
More than 200 banks, finalcial institutions and processors are connected to the RippleNet, but only 13 are using xRapid. Although the Ripple Inc announced that they were processing thousand of transactions via xRapid.
Mercury FX is using xRapid service to expand its business
The co-founder and CEO of “Mercury FX” Alastair Constance said:
“We are steaming ahead, to be honest, and we are looking for more jurisdictions and more flow to the jurisdictions we’ve already opened up. We are working very closely with [Mexico and the Philippines] on opening up new channels and are very keen to move very fast but it’s difficult when you’re building a new network.”
Nevertheless, there are difficulties in regulations about cryptocurrencies and control of capital. Mercury FX is not waiting any more for regulatory lucidity. Banks are using xCurrent for the high performance, lightnig speed and low costs.
Recently, Ramessa Online bases in Brazil reported that they won’t use xRapid until more clearness in regulations . They also say that are planing to expand to XRP in the near future”. Banco Santander is following the same line although connecting via the RippleNet. Santander One Pay FX is a remittance service blockchain based which, Executive Chairman of Banco Santander said that gives huge opportunities to improve bank services.