UK-based foreign exchange broker Currencies Direct has announced that it has successfully completed an international payment over xRapid, Ripple’s on-demand liquidity solution, using XRP.
During the trial, Currencies Direct conducted a number of transfers between pre-screened organisations in seconds, compared to the 3 to 5 day period that transfers currently take.
xRapid uses XRP token for more efficient cross-border transactions between financial institutions sending fiat payments. It connects a financial institution directly to exchanges in both the sender’s and receiver’s countries.
The process involves exchanging sender’s currency into XRP, which is then exchanged into the destination currency in seconds in the second digital asset exchange. Once this transaction has taken place, the funds are sent to the recipient and arrive in their account in their native currency. The transaction is tracked, and the result is a cross-border payment that is faster than ever before.
Currencies Direct said that the trial has served as a technological proof of concept for XRP as a means of value transfer, achieving superior speed of payment and end-to-end transparency, compared to traditional means of payment.
“Our trial with XRP was a resounding success. We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers,” Brian Harris, Chief Product Officer at Currencies Direct, said.
