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Garlinghouse announced that xRapid is now commercially available and will be in production with three customers: MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union. XRapid is the ripple product that uses the cryptocurrency XRP for the transactions. With this solution, the company offers financial institutions on-demand liquidity for cross-border payments, as xRapid eliminates the need for a pre-funded nostro account when making cross-border payments. XRP serves as a "bridge currency". As a result, cross-border payments can be made in minutes and at a lower cost.
Alastair Constance, CEO and founder of MercuryFX said in the news release:
MercuryFX has been working closely with Ripple for more than a year to harness the power of RippleNet to our customers. In pilot trials, we recognized the benefits of xRapid and are looking forward to> commercializing
payments within this quarter. Now the time has come to replace slow, expensive payment architectures, as the need for a global, fast cash flow has never been so great.
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