Ripple, provider of the leading enterprise blockchain solutions for payments, announced today that xRapid, its product that allows financial institutions to source liquidity on demand, is now commercially available and is moving into production with multiple customers, including MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union.
"MercuryFX has been working closely with Ripple for more than a year to bring the power of RippleNet to our customers,” said Alastair Constance, CEO and founder of MercuryFX. “In pilot tests we saw the benefits of xRapid, and we're excited to roll commercial payments out within the quarter. The time to replace slow, expensive payments architecture is now because the need for global access to smooth-flowing capital has never been so acute."
Cuallix, a payments provider who serves the United States to Mexico remittance corridor through its financial services platforms Payllix and Cuallet, was an early xRapid pilot customer and also saw positive results in terms of cost and time savings.
"The promise of digital assets has always been faster, more efficient payments. That's why we started exploring xRapid for our financial services platforms Payllix and Cuallet - to help our customers whose livelihoods depend on sending micro-payments easily and quickly to Mexico. Now, our customers can finally realize that promise," said Nicolas Palacios, CFO of Cuallix.
Lastly, Catalyst Corporate Federal Credit Union, a wholesale cooperative financial institution that serves more than 1,400 member and client credit unions throughout the United States, will use xRapid on behalf of their members to create a new cross-border payment service.
“The traditional international wire experience fails to meet today’s expectations from a price, speed and ease-of-use perspective. Blockchain technology, and specifically Ripple’s xRapid product, resolves all three of these challenges simultaneously,” said Brad Ganey, senior vice president and COO, Catalyst Corporate Federal Credit Union. “Catalyst Corporate, through our subsidiary companies’ technology platforms, will leverage the XRP digital asset to transfer money across borders instantly on behalf of our 1400+ member credit unions. We have signed a production contract and are currently building out our plan.”
In addition to the xRapid news, Ripple’s CEO Brad Garlinghouse, recapped several milestones on stage at the company’s annual SWELL conference, including:
• Customer Growth:
o From Q3 2017 to Q3 2018, Ripple’s customer base grew more than 100%. The company is signing up an average of two production customers per week across its suite of products.
o Ripple now has customers in over 40 countries across six continents, including new corridors in Africa, North America, Europe and Asia.
o PNC Bank - a top-10 U.S. bank - recently joined RippleNet.
• Social Good:
o Ripple announced Ripple for Good, its social giving program that will focus on education and financial inclusion.
o Ripple has committed over $100 million in charitable donations.
• Team Growth:
o Nearly 100 percent YoY growth as the company nears 300 employees.
o David Schwartz was promoted to CTO. Ethan Beard and Kahina Van Dyke joined Ripple in leadership roles.
“Across the board, this has been the most successful twelve months in Ripple’s history. While we’re still only at mile one of a marathon, I’m thrilled with our momentum. We now have multiple customers who will send production payments through xRapid; we’re seeing two financial institutions sign up to RippleNet per week; and the network is more global than ever,” said Brad Garlinghouse, CEO of Ripple. “In addition, we’ve committed over $100 million through Ripple for Good, our formal social giving program, to extend beyond our core business and help ensure financial inclusion and education globally.”