MercuryFX: xRapid faster and cheaper than Swift
- Speaking at the Ripple Regionals 2019 in London, MercuryFX CEO, Alastair Constance, said that xRapid is much faster and cheaper than traditional payment methods like SWIFT.
- Last month, the company used xRapid to send $4,574 from UK to Mexico. The payment was done in mere seconds and was cheaper by $102.
Mercury FX, a global currency exchange provider with offices in London, Hong Kong, and Cape Town, said that their commercial use of Ripple’s XRP-based xRapid is significantly faster and cheaper than Swift. Last month, Mercury FX used xRapid to send $4,574 from UK to Mexico. The payment, which should typically take 31 hours, was executed in seconds. The company also saved $102 in transaction fees.
Speaking at the Ripple Regionals 2019 in London, Mercury FX CEO Alastair Constance said:
“We did our first live commercial payments a couple of weeks ago. So we are now making payments for a UK corporate to Mexico to import Mexican food. And they are moving a lot faster than payments would go through Swift, at a much lower cost.
So we’ve already had the Mexican channel open up. It is live. It is being used. And I think today or tomorrow we’re testing the Philippines with an eye to going live in the next week or so.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
