MercuryFX: xRapid faster and cheaper than Swift

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  • 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.”

 

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