During a live interview session held by Ripple’s senior VP (marketing) Ginger Baker, Birla the VP (production) stated that Ripple is in the course of growing cross-border payments platform to more states globally.
He stated that liquidity is available in the Philippines and Mexico. The constructive comebacks from our clients have been overpowering. However, we are at work to introduce our technology in a few more destinations. He praised the hard work of their engineering and marketing crews who are working tirelessly to expand their services globally.
Ripple can potentially bond with multiple cryptocurrency exchanges who are adept at accommodating currency from approved banks globally. The company later exchanges this fiat money from banks with XRP and diffuses it to the target, where it is promptly changed to fiat money.
Birla further elucidated that the contemporary payment system across the borders is inherited by nature as the distribution of money from one state to another is a time taking procedure. He added that money transfer is speedy as compared to the movement of persons. The money transfer methods have not changed drastically since ’60s.
On the other hand, Ripple must guarantee its compliance with the principles of states where it is planning to structure a payments passage.
Ripple is striving hard to collaborate with the providers of payments and crypto exchangers to get xRapid started.
Bitso and Coins.ph have enabled xRapid transfers between the Mexico and the Philippines. In the USA, Ripple has selected Bittrex as its favored cryptocurrency exchange companion to assist in immediate payments between banks.
In the past, Ripple comes into contact with global payments providers IDT Corporation and Mercury FX in January 2018 to test XRP-powered xRapid platform. In the previous month, Mercury FX sent the first xRapid payment to the Philippines on behalf of a UK-based client in a transaction that took just a few moments to complete at a much lower fee than before.
Money Gram is also using xRapid along with a Mexican bank “Cuallix”. American Express is one more renowned name that has partnered with Ripple’s XRP-enabled instant payments method.
As we know that Ripple has proved itself of being capable of XRP-based xRapid which can transform the payment system across the border due to its little cost and fast dispatch. It is not astonishing to see the rapid expansion of services across multiple countries.