In pilot tests we saw the benefits of xRapid, and we're excited to roll commercial payments out within the quarter," Alastair Constance, MercuryFX CEO and founder, said in a statement. Money transfer firms Mercury FX and Cuallix, and wholesale cooperative financial institution Catalyst have become the first companies to sign up to Ripple's cross border payments platform, xRapid. Ripple CEO Brad Garlinghouse did not reveal the volume of payments the three firms will process but, when live, they will be among the first instances of a virtual currency used by financial institutions in a commercial product. The move is part of an effort by banks around the world to embrace digital currencies as alternatives for cross-border payments.
Money transfer firms Mercury FX and Cuallix, and wholesale cooperative financial institution Catalyst have become the first companies to sign up to Ripple's cross border payments platform, xRapid. Ripple CEO Brad Garlinghouse did not reveal the volume of payments the three firms will process but, when live, they will be among the first instances of a virtual currency used by financial institutions in a commercial product. The move is part of an effort by banks around the world to embrace digital currencies as alternatives for cross-border payments.