UK-based foreign exchange broker Currencies Direct has successfully completed an overseas payment on Ripple’s xRapid platform that uses its native cryptocurrency XRP.
Under the trial, Currencies Direct carried out multiple transfers between pre-screened organisations in seconds, which used to take three to five days under usual processes.
The pilot served as a technological proof of concept for XRP as a method of value transfer, ensuring higher speed and end-to-end transparency.
Currencies Direct chief product officer Brian Harris said: “We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers.
“Our goal is to offer the best possible service. We believe that utilising cryptocurrencies in this way – as a transfer of value, rather than as a store of value – is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies and we’re proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers.”
By using xRapid, the respective financial entity is connected directly to the exchanges in the countries of the sender and receiver.
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In the process, the sender’s currency is exchanged into XRP, which is again exchanged into the destination currency. The funds are then deposited into the recipient’s account in the native currency.