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Ripple Liquidity Solution Satisfactory, MercuryFX Confirms

MercuryFX Ltd, a trusted global currency specialist for individuals and businesses, has confirmed that Ripple’s liquidity solution is first-class considering its low cost of transaction, increased transaction speed, and transparency.

In a statement of praise shared on Twitter, the fintech firm disclosed, insinuating to go ahead with the solution in the nearest future.

“In Q1, along with other xRapid pilots customers, we have proved that #xRapid can lower liquidity costs & increase payment speed and transparency using #XRP, MercuryFX Ltd tweeted. “We are looking forward to continued successful testing and going into production.”

Many fintechs, including banks, have been testing Ripple xRapid, a financial solution deployed by payment providers and other financial institutions who aim at minimizing the costs of liquidity and at the same time improving customer experience.

xRapid leverages on XRP to achieve on the go liquidity that is automatically tantamount to reduced costs of transaction but ensures real-time payments in emerging markets. The solution is designed for enterprise use, it gives remittance providers and banks a highly efficient, scalable, reliable liquidity option for cross border payment services.

Fintechs are drifting toward xRapid for the fact that, around the world, payments into emerging markets often require pre-funded local currency accounts, making liquidity cost hyper-expensive. However, the advent of xRapid reduces the capital requirements for liquidity.

Many a number of firms have tested and affirmed the wonderful performance of xRapid. Among them are two prominent cross border remittance providers, Western Union and MoneyGram, who confirmed the superiority of the liquidity tool.

Confirming the test, Ripple in a latest statement highlighted five new xRapid pilot customers who found the solution satisfactory.

“In Q1, Ripple announced five new xRapid pilot customers — Western Union, Cambridge Global Payments, MercuryFX, IDT and MoneyGram. The pilots, which involve live transactions, have continued to prove that xRapid can lower liquidity costs and dramatically increase payment speed and transparency using XRP. In Q2, Ripple will look to grow the number of xRapid pilots and work to move existing pilots into production.”

Ripple offers topnotch solutions to fintechs and central banks. Recently, the Central Bank of Saudi Arabia confirmed Ripple is going to help reduced exorbitant transaction costs it spend annually on cross-border transfer, stating that the firm has unique tools for this section.

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Ripple (XRP) CEO Reveals Why The Coin Remains Atop

The CEO for Ripple has highlighted transparency in the ecosystem, along with the multiple production contracts, which the altcoin signed in the Q1 as a major factor that is really propelling the company, adding that Ripple signed “more than one production contract a week in Q1”.

At the ‘Ask Me Anything’ session which was anchored by Chief Market Strategist of Ripple, Cory Johnson, when the CEO of Ripple was asked about the highlights of Q1 for the company, Brad noted that the adoption of Ripple’s xCurrenct by Saudi Arabian Monetary Authority (SAMA), collaboration with other banks like Banco do Brasil (Banks of Brazil), Bank of England, and IndusInd India were major ones for the company in the Q1.

Having SAMA as a client of Ripple is undoubtedly a great accolade for the company, even though Brad earlier stated on a light note that hiring Cory Johnson was part of their highlight, while Cory replied saying: “certainly that was, for me.”

Ripple Transforming The Financial World.

As the section continues, Brad said the need for Ripple’s tool as a payment solution is rising on daily basis due to the lasting growth of global commerce as Ripple poses to be a God sent tool that is transforming the financial world from “analogue to digital in terms of cross border transactions.”

Over the last ten years, due to high capital needed for transactions, the number of banking relationships has dropped by 50%, and here is Ripple slashing the required fund for transfer to the lowest minimum.

Talking about the Santander-Ripple’s collaboration as also a top highlight, Brad said the release of One Pay FX App which allows Santander’s customers to make same day fund transfer to people in UK and Spain is also an exciting one for the company.

While Ripple helps to solve real problems for customers globally, its vision is to modify payment experience, by creating new and innovative payment corridor that helps to simplify transaction in all areas.

About xRapid and xVia:

Brad illustrated some terms about the Ripple tools as a major driver for the company. He said just as xRapid poses to crack down liquidity problems, it is piloting the affairs of 6 customers among which Western Union, Cambridge FX, and others.

Brad added that xVia is a Ripple tool with simple API interface that grants allows companies the ability to access numerous currencies and payment networks across the world with meager cost. He flagged that “Ripple remains the leader in real production enterprise de case for a bockchain technology”.

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Who Will Triumph, Ripple (XRP) Or Banks?

As cryptocurrency continues to show more proficiency and capability in making transaction easier for people, the world is gradually embracing the technology as a trusted means even though some are still skeptical about its credibility.

Owing to the gradual diffusion of blockchain technology, a network that records it transactions using distributed databases, math and cryptography, banks are beginning to embrace the technology as their co, whom they could partner with in gaining relevance in the world of financial transaction.

Then, some banks and financial bodies mused over the best cryptocurrency to marry, and they came to the final resolution that Ripple would serve them right. Banks and financial institution like Santander, Saudi Arabian Monetary Authority, MoneyGram, American express, and Canadian Imperial Bank of Commerce, among others have aired their collaborations with Ripple.

Despite the collaboration, partnership and perceived friendship between Ripple and banks, series of speculations that altcoin is becoming more of a threat to banks or banks are aiming to crush Ripple off the financial world has been rousing all over the space, with various analysts and observers giving out their opinions.

In a statement, the President and COO of Global Blockchain said “if big banks were to succeed in crushing one of these two currencies, Ripple would be it,”

In the same line, the CEO of J.P. Morgan Chase & Co., an American international banking system, Jamie Dimon, labeled digital currencies as “fraud,” and a “tulip bulb,”. Making us know that in the heart of high profile banker lies statements like “banks are prepared to crush down cryptocurrency”

However, the liable cryptocurrency that banks will surely want to crush is Ripple. According to Shidan Gouran, “Ripple is much more of a direct competitor to banks. Because it operates more like a transaction network than a currency”.

Also, Darren Marble, the CEO of CrowdfundX said, I believe Ripple offers a viable blockchain solution and an enormous amount of utility to banks.”

In the same direction, Marcus Schenck, co-head of corporate and investment banking at Deutsche Bank, in his opinion, said bank accounts would disappear in few years to come.

For me, going by Marble’s statement, I think banks are more in need of ripple than the otherwise, therefore, what will give them the capability or thought of crushing a technology that complements them and make them more viable in the financial industry?

A penny for your thought.