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Mercury-fx using XRP

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18 minutes ago, qsdqsd said:

https://twitter.com/mercury_fx_ltd/status/1085915009048145920

 

1/1 We've made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds.

1/2 UK-based Mustard Foods saved £79.17 and 31 hours on the transaction.

3/3 "As a food production company supplying 500+ restaurants in the UK & Europe, we pay suppliers around the world to get quality ingredients for our customers. Faster, cheaper payments allow us to fulfill orders quickly and grow our business." James Durrant, Commercial Director.

This is awesome news!!!! An actual production use case!!!  It shows that XRP can be used to help companies outside of the FI realm run much leaner fits well into the (JIT) model

3/3 "As a food production company supplying 500+ restaurants in the UK & Europe, we pay suppliers around the world to get quality ingredients for our customers. Faster, cheaper payments allow us to fulfill orders quickly and grow our business." James Durrant, Commercial Director.

Edited by RikkiTikki

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This is great news, I would have expected the transaction threshold to be much lower than ~$4000 at this stage.  It's great to see that kind of liquidity at least in the UK/MEX corridor.  Now let's do this 1500x per second!

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6 minutes ago, aavkk said:

This is great news, I would have expected the transaction threshold to be much lower than ~$4000 at this stage.  It's great to see that kind of liquidity at least in the UK/MEX corridor.  Now let's do this 1500x per second!

yeah, i was expecting like $200 at this point.

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7 minutes ago, tulo said:

They saved £79.17 w.r.t. what? I'd like a compare with transferwise.

Also I'd like to see how did they perform in seconds. MXN payment locally can take seconds, but what about GBP. And which exchange was used in UK?

Is transferwise currently using XRP or do they plan to do so?  Just curious because I thought I read they don't plan on using it until more banks utilize it.

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50 minutes ago, RikkiTikki said:

Is transferwise currently using XRP or do they plan to do so?  Just curious because I thought I read they don't plan on using it until more banks utilize it.

Not now but they are looking at the tech. I just would like a compare with transferwise because right now it's the fastest and cheapest technology for cross-border payments. 

Just saying it's cheaper and faster it's like saying: "Hey I build a transportation system that is 50 Km/h faster", but the compare was done with a bicycle and the reality is that it's way slower than a car or a train. 

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2 minutes ago, tulo said:

Not now but they are looking at the tech. I just would like a compare with transferwise because right now it's the fastest and cheapest technology for cross-border payments. 

Just saying it's cheaper and faster it's like saying: "Hey I build a transportation system that is 50 Km/h faster", but the compare was done with a bicycle and the reality is that it's way slower than a car or a train. 

Gotcha :)

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1 hour ago, tulo said:

it's cheaper and faster  

... but only in corridors with decent liquidity. Which I don't think GBP to MXN is. I think they would really struggle to compete with xRapid in these less liquid corridors. 

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29 minutes ago, Tripple said:

... but only in corridors with decent liquidity. Which I don't think GBP to MXN is. I think they would really struggle to compete with xRapid in these less liquid corridors. 

Well they have very nice FX rate for GBP-MXN. For 5000 GBP it's 24.6874 which is 2.8% better than the first quote from Barclays (24.0159). So transferwise it's actually saving aroung 100GBP w.r.t. banks.

For 50000 GBP it's 24.686 which is 2.1% better than the best bank (24.177) saving around 700 GBP.

Now I'd like to compare time and rate with xRapid. Can we have a decent info or only random useless propaganda?

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Is this using -xRapid or wallet to wallet?

If its wallet to wallet, I'm not impressed as that won't be represenative of the cost when xrapid is used with the exchanges. 

Also on xrpcharts, I don't see this in the xrpledger payment volume as Bitstamp is the only exchange listed and Bitstamp doesn't have a mexican peso pair. I really would to know if this went through x-rapid and an exchange since that's the way x-rapid is supposed to work.

Can anyone find this transaction on xrpcharts? I don't see anything with GBP.

Edited by Archbob

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4 hours ago, Archbob said:

Is this using -xRapid or wallet to wallet?

If its wallet to wallet, I'm not impressed as that won't be represenative of the cost when xrapid is used with the exchanges. 

Also on xrpcharts, I don't see this in the xrpledger payment volume as Bitstamp is the only exchange listed and Bitstamp doesn't have a mexican peso pair. I really would to know if this went through x-rapid and an exchange since that's the way x-rapid is supposed to work.

Can anyone find this transaction on xrpcharts? I don't see anything with GBP.

Dilip seems to think it was via xRapid. 

https://mobile.twitter.com/diliprao/status/1085944413124206597

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Yeah, its hard to discover, but I can't find a GBP anywhere on the ledger unfortunately. I feel like this was a test and may not include all the costs of a production environment.

 

Anyone know how much Bitso and Bitstamp will charge the institution in terms of trade fees?

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