The first success of the XRAPID system from Ripple was attracted to the project of new partners: BitTrex, Bitso and Coins.ph.
New partners allow Ripple Xrapid payment solutions to create transactions between XRP and dollars, Mexican and Philippine Peso. Representatives of Ripple explained the principle of system operation as follows:
«Someone, possessing an account, for example, in BitTrex, creates an application for payment in US dollars, which will be used by Xrapid. The system instantly converts the sum in the XRP to BitTrex. The amount of payment in the XRP is compared with the data of the current XRP course, then, say, Bitso through its mexican Peso liquidity pool instantly converts XRP to Fiat. The latter, respectively, is associated with a bank account. «
Xrapid is a solution to liquidity problems for gross calculation systems based on the Ripple block in real time. It was designed to facilitate international transfers of fate money between financial institutions.
Corey Johnson, a Ripple spokesman responsible for the project promotion strategy, said: «We have already received enough experience in translation of various amounts through Xrapid. As we improve the product, those companies with which we have already enclosed partnership agreements will become the guarantor of comfortable working conditions and the confidence that payments will be promptly translated and convert. «
In the spring of 2018, financial institutions participating in the pilot project of the Xrapid platform, which tested payments between the United States and Mexico, reported transactional savings of 40-70%. In addition, the participants noted an increase in transaction speed from 2-3 days to just over 2 minutes.
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