Eulogizing the pivotal turning point of the financial world – xRapid
Advancements in the cross-border payment systems
The cross-border payments can be elucidated as the transfer of funds between different countries. A myriad of centralized banks apart from companies like Western Union, Money transfer, etc are striving hard to reduce the transactional cost and the delays in the completion of such transactions. Due to their inherent centralized nature, which lacks Security and Trust, bringing down the cost is challenging for them. However, with the Blockchain based payment systems, immense scalability is achieved and thereby bringing its costs to the floors. The banks and financial Institutions must be on the edge of consistently updating themselves with the latest Technology, failing to which would invariably lead to their dissolution from the market.
The most anticipated Ripple initiative is here: xRapid
One of the most loved cryptocurrency Blockchain platforms by the various financial institutions and major banks across the world is Ripple. Predominantly endorsed for its highest transaction speeds and lowest transaction fees, the Ripple payment protocol is utilized to settle the cross-border payments in a very efficient and fast manner. Recently, a significant roadmap was hit by the Blockchain based payment system. xRapid is one of the most awaited and premium product of Ripple, which is used to provide higher liquidity in the cross-border payments by utilizing XRP. The project has been under validation phase from quite a long time, as it is being tested by almost 19 Financial Institutions across the world.
How exactly does xRapid bring everything into action?
xRapid, basically, provides a higher liquidity, through the usage of XRP between various Fiat currencies across the world. Imagine a hypothetical situation, where the funds need to be transferred from Australia to India. Firstly, the amount of Australian dollars must be confirmed, followed by which, the xRapid payment system takes care of the remaining process. The Australian dollars have been converted to intermediate XRP, which is then converted to Indian Rupee and remitted. As the process is 1000x faster than the traditional Bank transfers and also with the lowest transaction fees ever, it is invariably very certain that the xRapid payment system would be adopted by all the banks in the future for the cross-border settlements.
Feedback from the implementation of the pilot project
The outcome of the implementation of its pilot project has been very affirmative. The integrated payment system along with the resounding functionalities forms a perfect recipe for success. The feedback of the companies, associated with the testing phase of xRapid, since October have also concluded, that they were very proud to be a part of this technological innovation. They even highlighted that, they experienced a 40-70% drop in the transaction fees which is absolutely a game-changing factor in the financial industry. Elevated momentum along with subsidized transaction fees, provides immense liquidity. Transparency is also envisaged to comply with the legal obligations.
Ripple prevailed over Ethereum for the third time due to xRapid
All the complex terms like Vostro and Nostro accounts would become extinct in the near future. The third largest cryptocurrency by market capitalization, Ripple effectively dethroned Ethereum and grabbed the second position. The experts speculate the unveiling of xRapid payment system by the Ripple labs, to be the precise reason for this feat. It is absolutely no wonder that the best payment system available on the market, is gaining fame for its achievements. The fastest cryptocurrency was Ripple and now we have an icing on the cake, which is the inception of xRapid upon the Ripple protocol. xRapid is taking the innovation to the next levels and also propelling the society into the future.
Ripple along with its xRapid would dominate all over the financial market within a few years
Visualize the conditions of payment systems 10 years ago, where people used to wait days together for their fund transfer due to cross-border payments, and even the elevated fees were highly strenuous. With the debut of the xRapid payment system, the entire error-prone process of physical settlement of funds between the countries has been reduced to, mere updations in the online ledgers. The indirect consequence of which drove Ripple, to become the second largest Cryptocurrency, leaving back Ethereum for the third time within the past 18 months. Significant advancements by the Ripple labs, through its collaboration with major centralized banks, across the world has molded it into a fundamental payment system in the financial sector.