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Ripple Reveals New Global Financial Institution Using XRP-Powered xRapid

by Daily Hodl Staff
October 16, 2018
in Altcoins

Ripple has added a fourth name, Viamericas, to its list of financial institutions using XRP to power global money transfers. The company is a licensed international transmitter for global money transfers, bill payments and check processing.

In a new overview on xRapid – the company’s software API that uses XRP to increase the speed of cross-border transactions – Ripple names Viamericas alongside its three previously introduced xRapid clients.

“Global payment providers, such as Viamericas, Cuallix, IDT, MercuryFX and others are using xRapid to significantly lower their liquidity costs and send real-time payments — an industry first.

Using xRapid, RippleNet customers have saved up to 70 percent of the typical cost of a transaction, with XRP settlement happening in just three to five seconds”

Ripple officially launched xRapid as a commercial product at its recent Swell 2018 crypto conference in San Francisco, and the new document from Ripple outlines exactly how xRapid works.

“RippleNet customers can choose to access on-demand liquidity by implementing Ripple’s xRapid solution. xRapid is a single API that automates the entire process of instantly moving money from one country to another using digital assets. RippleNet customers simply initiate payments in their local currency and xRapid handles the rest.

xRapid converts the local currency into XRP at a digital asset exchange and sends it instantly across the XRP Ledger to the destination country. xRapid then converts XRP back into the local currency on the destination side and forwards the money to the beneficiary.”

Co-founder and CEO of Viamericas Paul Dwyer says he expects xRapid to grow into a key component of how international money transfers are processed.

“We believe that digital assets like XRP will play a key role in the future of cross-border payments, helping to safely address some of the structural inefficiencies of legacy settlement infrastructure.”

Viamericas says it now has thousands of agent locations in the US, and a network of over 76,000 payout locations throughout Latin America, India, China and the Philippines. The company was previously confirmed to be testing xRapid.

The International Finance Corporation, a part of the World Bank Group, is the company’s second largest shareholder.

The Crypto Beat

Ripple Reveals XRP Discussions With the Trump Administration, Says White House Is Focused on Crypto

World Trade Organization Says Ripple Could Transform Global Commerce, Highlights Bitcoin, Ethereum and IOTA

Ripple CEO Brad Garlinghouse: XRP Is 1,000x Faster Than Bitcoin and 1,000x Less Expensive

Ripple Reveals Successful XRP Pilot Program With Banks Around the World

You Can Now Accept XRP on YouTube and Twitch

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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