Well-known United Kingdom remittance company, Mercury FX, which uses Ripple’s xRapid technology, is currently processing $1.8 billion worldwide.
MercuryFX CEO Alastair Constance was interviewed by DecryptMedia, and spoke of the firm’s plans for xRapid and expansion,
We are steaming ahead, to be honest, and we are looking for more jurisdictions and more flow to the jurisdictions we’ve already opened up. We are working very closely with [Mexico and the Philippines] on opening up new channels. We are very keen to move very fast but it’s difficult when you’re building a new network.
However, there is a challenge in implementing xRapid in certain foreign countries, because the way that the solution works is that it first converts the source country’s currency into XRP, which is then converted into the destination country’s currency. As such, it is dependent on exchanges in the destination country.
That has not stopped Mercury FX from achieving a lot of business through Ripple, who noted the potential value in operating in such countries,
Once the pipe is open, there is no limit to how much one can put through it. We are actively marketing with Ripple, to try to invite those kinds of clients and, I think, with increasing success. It could be that we have serious amounts of luck and we end up doing hundreds of thousands, millions, tens of millions of dollars.
Constance also said earlier this year that xRapid was “is the future”, noting how it brought faster processing at lower costs,
Ripple provides the opportunity for us to say we have opened up this market and we can come here and trade freely at the optimized speeds and costs.
Ripple’s xRapid, which went live last October, is a solution for banks and financial institutions that would like to transfer money internationally at a lowered cost. xRapid brings increased liquidity at a lowered price.
Ripple has received much praise from its partners in recent times. SBI Holdings CEO Yoshitaka Kitao expects banks in Japan to use Ripple by 2025, while exchange GMO found that half of Japanese investors believe that Ripple will be the best performing cryptocurrency in 2019.