Ripple Announces Successful US – Mexico Transfers Using xRapid

[kreslik.news]

Ripple has released results of pilot runs of its xRapid service. The tests were conducted by sending money to Mexico from the US.

According to the press release, financial institutions using the service paid between 40 and 70 percent less than they usually pay traditional foreign exchange providers for the same service.

Reportedly, transactions with xRapid took minutes, while the average cross-border transfer using traditional means takes 2-3 days.

The part of the transfer that uses the XRP ledger lasts 2-3 seconds, the additional time is accounted for by “intermediary digital asset exchanges and local payment rails.”

US to Mexico money transfer is a ... (read more)