International currency exchange Mercury FX successfully trials Ripple’s xRapid solution

Global currency exchange provider Mercury FX could open 10 new payment corridors powered by xRapid, Ripple's solution for on-demand liquidity, Chepicap reported.

Mercury FX entered into a partnership with Ripple last January to use xRapid for the quick settlement of retail remittances and corporate transactions.

Speaking at the Ripple Regionals in London 2019, Alastair Constance, CEO of Mercury FX, said they have successfully trialed xRapid solution, adding:

“We’ve had great success so far. We trialed several payments to Mexico which were company funds we donated to a Mexican orphanage.”

“We did our first live commercial payments a couple of weeks ago so we are now making payments from a UK corporate to Mexico...and they are moving a lot faster than payments would go through Swift at a much lower cost.”

While the Mexico channel is already live, Constance said that they were also going to test the Philippines channel with plans to go live this week. He emphasized that they are now in the production phase, saying:

“The testing phases are behind us…it’s two countries today…it could be 10 before the middle of the year.”

According to Chepicap, the 10 new corridors would use the xRapid implementation solution to power payments from the UK to Canada, as well as from the UK to the Middle East.

“I think from a customer point of view, you almost don’t want to show them too much of the technology or explain too much of why it’s working as it is. I don’t understand how a car works, but if it parks for me that would be even better. And I think it’s the same kind of thing. But what they are seeing is payments arriving in one-hundredth of the time and they’re paying a lot less, if anything, for it. And I think that’s the key,” Constance said.