A UK-based Forex brokerage has announced that they have successfully tested Ripple’s xRapid product, which uses XRP.
Currencies Direct announced Monday that it conducted several money transfers using xRapid, which the firm claims were completed in seconds compared to traditional methods, which can take up to five days to complete. The company called the pilot program “a technological proof of concept for XRP as a means of value transfer, achieving superior speed of payment and end-to-end transparency.”
Brian Harris, the Chief Product Officer of Currencies Direct said the pilot program was a resounding success, indicating that using XRP to facilitate future transfers will help them improve customer service.
“Our goal is to offer the best possible service. We believe that utilizing cryptocurrencies in this way – as a transfer of value, rather than as a store of value – is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies and we’re proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers.”
Earlier this month, Ripple released results of several xRapid pilots which pointed to an overall drop in transaction times and related costs for those who took part in the tests.
Other financial companies are getting into the act as well, utilizing blockchain tech to reduce costs and transaction times. Most recently, German financial institution Commerzbank facilitated a 500,000 euro transfer using R3’s Corda platform. The bank used the platform to transfer funds on behalf of multinational firm Thyssenkrupp, which was able to confirm that the transaction occurred successfully immediately, rather than have to wait for confirmation.