According to the latest news online, it has been said that Ripple is planning to launch a commercial version of the payment platform named “xRapid” in the next month. Sagar Sarbai, the head of the regulatory relations of Ripple for Asia-Pacific & the Middle East stated that the company is planning a big move of launching a new platform for payments in the commercial sector.
What is xRapid?
Before moving further, let us shed some light on what we have understood about this new upcoming product by Ripple. According to different media sources, this news is confirmed that Ripple is working on some new platform named xRapid. This basically is a real-time settlement platform that is designed to increase the speed of the international payment transactions. This platform is going to be backed up by the XRP tokens. The company has been working on this platform to improve the speed of the cross-border payment transactions while reducing the capital requirement for the liquidity.
Sagar Sarbhai stated and we quote –
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
It was back in August when the Ripple joined hands with three cryptocurrency exchanges that are – Bittrex that is based in the US, Bitso the Mexican Exchange platform, and Philippine coins. This partnership was for the xRapid project only. Ripple’s plan behind these partnerships was to enable the xRapid to move between XRP, USD, Mexican Pesos, and Philippine Pesos.
This spring company performed the pilot test of this platform, xRapid in which multiple financial institutions took part. During this test, the participants witnessed that this platform saved 40-70 percent of transactions while saving the costs as well. Not only this but the test also successfully demonstrated the time-saving property of this platform. xRapid took just two minutes for the transactions that usually takes 2-3 days.
This platform is one of the inventions of Ripple that is designed to improve the payment transaction platforms. According to the reports, the company is all set to introduce this new platform, xRapid in the market next month.