Ripple’s xRapid Beats SWIFT as It’s Becoming Obsolete, Says Mercury FX CEO
by Bhushan Akolkar · 3 min read
Besides faster and low-cost global transactions, the CEO praises the ease of use of Ripple’s xRapid solution in making cross-border payments.
Global currency exchange MercuryFX has recently showered praises for Ripple’s XRP-based xRapid payment solutions. Speaking at the currently Ripple Regionals 2019 event in London, Mercury FX CEO Alaistair Constance praised the xRapid solutions for its faster and low-cost cross-border transactions.
Moreover, he also compared xRapid with the traditional SWIFT banking solutions adding that the latter will soon become obsolete. MercuryFX is one of the premium service providers of cross-border payments. Also, the company is currently exploring blockchain solutions which are likely to change the face of the global payments industry.
Blockchain Technology for Payments
At the event, Constance said: “we started to hear about blockchain technology it wasn’t a big leap of imagination to realize how perfect this evolutionary technology would fit with payments”.
He further added that “it was really a case of looking around and saying who’s the best at doing this and immediately Ripple came onto the radar screen and that was the beginning of the engagement which goes back about a year and a half”.
Constance said that what makes Ripple attractive is its ability to transfer large sums of money in a quick and efficient manner. Furthermore, Ripple offered crucial support in the implementation of its technology to the Mercury FX platform. “Ripple were very keen for us to trial the xRapid payment process which we very gladly did, and we’ve had great success so far,” he said.
Soon after the partnership, MercuryFX started making payments using Ripple’s xRapid solution. Using the XRapid platform, MercuryFX helped Mustard Foods save a whopping £79.17. Constance said:
“We did our first live commercial payments a couple of weeks ago. So we are now making payments for a UK corporate to Mexico to import Mexican food… And they are moving a lot faster than payments would go through Swift, at a much lower cost”.
Besides the U.K.-Mexico channel, MercuryFX is also testing “the Philippines with an eye to going live within the next week or so”.
Ease of Using xRapid Solutions
Mr. Constance said that making payments through xRapid doesn’t require high-end technical know-how. The user doesn’t need to dive deep in understanding the working of Ripple blockchain. He added:
“When you start to look at the economics of how they stack in favor of a Ripple payment over xRapid, perhaps rather than Swift, the numbers are actually quite eye watering and in terms of the usability the client is seeing an optimized outcome”.
Ripple’s xRapid solution is gaining exponential popularity in the global payments industry. Money transfer giant Western Union is also exploring the use of xRapid to improve its services. Also, Japanese financial giant SBI Holdings is ultra-bullish on the future of XRP, saying that one day its market cap will surpass that of Bitcoin.
Over the last year, Ripple is on an aggressive global expansion by getting over 200+ companies to its RippleNet ecosystem.
*To learn more about XRP coin, Ripple company, and their innovative solutions, please check out our awesome guide.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.