Ripple, the company that aims to replace SWIFT has shown higher inclination towards adoption across the globe. Recently, one of the company’s partners Mercury FX made public that it has processed nearly $2 billion on remittances via the Ripple payment system xRapid.
Mercury FX Thrives with Ripple’s Service
During an interview with DecryptMedia, Alastair Constance the CEO of Mercury FX spoke on the collaboration with Ripple’s xRapid service.
According to the CEO, the company has established channels from London to Mexico and the Philippines, processing transactions to and from various countries.
Ease of Cross-Border Payments
Constance alluded that the company will continue to use the service to shore up its cross border payment.
In practice, traditional international remittance system has left a lot desired, especially when sending funds to certain countries.
xRapid has become attractive to companies like Mercury FX being more efficient for cross-border payment. It also effectively reduces transaction charges making it a preferred mode for such payments.
There are still some challenges with the system as the Ripple’s service requires the exchanges in the country to convert its fiat to XRP tokens before making the transaction through the channel.
Mercury FX is processing $1 billion from its London-based office and around $1.8 billion from other transactions worldwide via the xRapid service.
However, those amounts are approximate since the company has a non-disclosure agreement. The exact amount of transactions being processed using xRapid is not known by the public.
Mercury FX Plans Expansion
The CEO reported that the company currently has operational channels Mexico and the Philippines even though it plans to expand to more countries in the future.
The company is targeting markets like Hong Kong and South Africa, where they plan proposition for their services to resolve remittance problem in those countries.
According to the CEO:
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.
The xRapid launches last October is Ripple’s solution for banks and financial institutions to help making international money transfers cheaper and faster.