Ripple unveils new products at Swell Conference

Ripple unveils new products at Swell Conference

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Answer Ripple unveils new products at Swell Conference

Ripple revealed at its Swell conference on Monday that three financial institutions are set to begin using its latest new xRapid product to handle international transactions.

It is worth noting that the Swell Conference is an annual conference organized by Ripple and lasts for two days, in which the focus is on Ripple’s products, identifying the company’s goals, and looking for new opportunities in the industry.

The company announced that the first to start using payments are Catalyst Corporate Federal Credit Union, Cuallix and Mercury FX, which operate as a payments provider and cooperative financial institutions in the United States of America.

The Cuallix project focuses on facilitating remittances between the United States and Mexico. The project was a participant in the xRapid beta phase earlier this year.

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Ripple claims that participants in the xRapid beta phase have noticed a significant reduction in the costs of sending international payments by as much as 74%. In addition, the new product xRapid processes payments in two minutes, which helps the development of the industry better.

How does the xRapid product work?

The xRapid product will use Ripple (XRP) to power the remittances. A financial institution that wants to make an international payment contacts a cryptocurrency exchange and converts the cash into XRP.

The XRP is then sent to the receiver, a connection is made with one of the local cryptocurrency exchanges, and the payment is received and converted into cash within the country.

Nor will financial institutions or banks need to hold XRP directly to use the new xRapid product. But you can buy the currency at the time of the international transfer from one of the approved platforms.

Ripple had previously announced last August that Bittrex would be the best platform for converting currencies into dollars, Bitso was the right choice for the Mexican peso, and was the preferred choice for the Philippine peso.

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Ripple has not yet announced any bank as a partner for its xRapid product. Note that a number of banks and banking institutions have tried another product that was called xCurrent earlier.

xCurrent allows banks and financial institutions to monitor and track payments without the need for an intermediary, greatly speeding up payment processing time.

Ripple (XRP) price

On the other hand, the price of the Ripple currency (XRP) has witnessed huge fluctuations in the recent period, as it witnessed repeated rises due to the emergence of a number of news about the addition of the currency on the Coinbase platform, in addition to its announcement to a number of partnerships in the financial sector.

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The rise of Ripple (XRP) caused it to occupy the second place according to the classification of Coinmarketcap in a short period of time, to outperform Ethereum for some time.

Note that this is the first time that XRP has been used by financial institutions in a practical application. Many believe that the use of Ripple technology by these financial institutions is an important step for the adoption of blockchain technology on a large scale.

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