Blockchain startup Ripple’s on-demand liquidity solution ‘xRapid’ goes live

Blockchain startup Ripple has announced that xRapid, its on-demand liquidity solution, is now commercially available and is moving into production with multiple customers.

Launched in beta in late last summer, xRapid allows financial institutions to source liquidity on demand. It uses XRP token for more efficient cross-border transactions between financial institutions sending fiat payments.

In May 2018, Ripple announced the success of xRapid solution stating that financial institutions that participated in xRapid pilots saw a savings of 40-70 percent. In addition, an average xRapid payment took a little over two minutes, compared to existing average of 2-3 days when sending cross-border payments.

In its official release, Ripple listed the initial xRapid customers which include global currency specialist MercuryFX, payments provider Cuallix, and wholesale cooperative financial institution Catalyst Corporate Federal Credit Union.

MercuryFX has been working with Ripple for more than a year to tap into the potential of RippleNet and plans to roll out commercial payments within this quarter, while Cuallix was an early xRapid pilot customer. Catalyst Corporate Federal Credit Union said it will use xRapid on behalf of its members to create a new cross-border payment service.

Ripple said that its customer base grew by more than 100 percent from Q3 2017 to Q3 2018. More recently, it announced Ripple for Good, a social giving program with focus on education and financial inclusion, and committed over $100 million in charitable donations.

“Across the board, this has been the most successful twelve months in Ripple’s history. While we’re still only at mile one of a marathon, I’m thrilled with our momentum. We now have multiple customers who will send production payments through xRapid; we’re seeing two financial institutions sign up to RippleNet per week; and the network is more global than ever,” said Brad Garlinghouse, CEO of Ripple.