"Currencies Direct" Completes Successful Pilot of XRP for FX Payments

[Julian_Williams 12,929]

STOP PRESS:  JUST REALISED THIS IS NOT NEW NEWS, IT WAS PUBLISHED SOMETIME LAST YEAR

https://www.acq-intl.com/2018-currencies-direct-completes-successful-pilot-of-xrp-for-fx-payments/

The FX provider has completed a successful trial of Ripple’s xRapid solution, which allows international money transfers to be made in seconds.

Currencies Direct has todaqy announced a successful trial of Ripple’s xRapid platform. 

This is one of the first successful trials of a digital asset by a mainstream financial services organisation. It marks a departure from the speculative trading of cryptocurrencies that has dominated the marketplace thus far and a shift towards the intended purpose of digital assets – as a means of value transfer.

The trial saw Currencies Direct conduct a number of transfers between pre-screened organisations in seconds, compared to the 3 to 5 day period that transfers currently take. The trial has served as a technological proof of concept for XRP as a means of value transfer, achieving superior speed of payment and end-to-end transparency, compared to traditional means of payment.

Brian Harris, Chief Product Officer at Currencies Direct, said of the move “our trial with XRP was a resounding success. 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.”

With xRapid, a financial institution connects directly to exchanges in both the sender’s and receiver’s countries. The sender’s currency is exchanged into XRP and then in seconds that XRP is exchanged into the destination currency in the second digital asset exchange. Once this transaction has taken place, the funds are sent out to the recipient and arrive in their account in their native currency. The transaction is tracked, and the result is a cross-border payment that is faster than ever before.

Asheesh Birla, Senior Vice President of Product at Ripple, said: “The results speak for themselves – xRapid leverages XRP to transform the way money moves by significantly lowering the cost and time it takes to make a cross-border payment. xRapid offers an enhanced payments experience, while also allowing payment providers to gain a competitive advantage in the market.” 

Edited April 5, 2019 by Julian_Williams

[Guest]

 

[Testudo 32]

Love this part:

Brian Harris, Chief Product Officer at Currencies Direct, said of the move “our trial with XRP was a resounding success. 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.”

[RipDip 281]

Is this the biggest xrapid news to date? 

[JannaOneTrick 3,097]

More Forex yay !

Let's chase those 5 Trillions and then...

We'll laugh straight to the bank with this 
Ha, ha ha ha ha ha, ha, ha ha ha ha ha

[RipDip 281]

6 minutes ago, RipDip said:

Is this the biggest xrapid news to date? 

Nevermind, I see this is from last summer.

[fiik 1,321]

2018 yeah?

 

 

but... go team

 

 

Edited April 5, 2019 by fiik

[Julian_Williams 12,929]

7 minutes ago, RipDip said:

Nevermind, I see this is from last summer.

Thanks - just worked it out and made a note on the OP

An update from the company would be very intersting

[Roaring_Twenties 3,747]

I emailed Currencies Direct just now to ask if and or when they plan on using xRapid.

I’ll post their reply if I get one.

usa@currenciesdirect.com

[AllZerps 46]

Given this news is pretty dated, is anyone else a tad reserved on their price expectations for XRP? The daily volume has increased exponentially from 300M to 2B+ and price movement has fluctuated in both directions with a delta of +/- $0.05

[Roaring_Twenties 3,747]

@AllZerps I for one am not.

For me to say I do implies to me that I have or have had a price expectation and I’ve never had one.

I do have an expectation that Ripple will build their vision of an IoV, that with it XRP will play an important role in it and, because of that, competition for XRP ownership will rise and drive-up the world’s valuation of XRP.

The stuff people from around the globe post daily on XRP Chat consistently reinforces and strengthens this belief and expectation for me. Everyone has their own perspective but this is what I see.

[JannaOneTrick 3,097]

@AllZerps 

I share @Roaring_Twenties's opinion, but also I don't think we have reached the required demand from market makers to make a slight different in price. Actually, I think we still are very far from getting to that point...

Edited April 6, 2019 by JannaOneTrick

[Roaring_Twenties 3,747]

OK - so I got two responses from Currency Direct.  One was from the USA email address and one was from the UK email address.  They both say the same thing: Address not found.  I used usa@currenciesdirect.com and customer.s@currenciesdirect.com.

Both email addresses came from: https://www.currenciesdirect.com/en/let-s-talk/contact-us  Anyone care to take a stab at it?