Ripple xRapid's real-time settlement platform is now commercially available, according to an announcement published October 1.
xRapid is a platform designed to accelerate international payments, while eliminating the need for previously funded nostro accounts. This product is said to be the liquidity source of the XRP digital currency on global exchanges, making cross-border transactions faster and cheaper than traditional methods.
The xRapid trial phase was launched in May, with the participation of financial institutions and payment providers, such as MercuryFX and Cuallix. Participants in the pilot reported transaction savings of 40-70 percent, as well as an increase in transaction speed - from an average of 2-3 days to "just over two minutes"
Currently, Cuallix manages major payment corridors from the US to Mexico, while MercuryFX is reported to be deploying xRapid in the European corridor to Mexico. As per the statement, the Catalyst Federal Credit Union Company, which serves members and credit union clients in the US, will use xRapid to develop new cross-border payment services.
In August, Ripple partnered with three cryptocurrency exchanges - US-based Bittrex, Mexican Bitso, and Philippine Coins. In its initiative to build a "healthy" digital asset exchange ecosystem. The parties will use xRapid to move between XRP and US dollars, Mexican pesos, and Philippine pesos.
The Ripple XRP token price has increased significantly over the past month, after surpassing Ethereum (ETH) market capitalization and becoming the second largest crypto on September 21 and September 26.
Prices soared following the announcement that Ripple's xCurrent product will be used by the US bank's PNC Treasury Management unit to speed up cross-border transactions, as well as Ripple instructions on the upcoming xRapid launch.
At press time, XRP is the third largest cryptocurrency, trading around $ 0.57 with a market capitalization of around $ 22.75 billion, according to the Cointelegraph XRP price index.