Ripple’s New Project Reduces Payment Costs

Ripple, one of the fast-rising distributed ledger companies has published the results of its latest concluded events. The program, which was dubbed xRapid, came to a close some few days ago.

The Details Of The Report

The main focus of this report released on Thursday, 10th May 2018 was on some of the products of this digital platform, particularly its main cryptocurrency, XRP. The report went on to note that serious savings were seen on fees and even on general transaction times.

In the past few months, Ripple has announced a number of partnerships with other service providers. xCurrent, the product from xRapid is another great offering but does not work with the XRP tokens.

While addressing the media, Asheesh Birlam, who is the head of products at Ripple, revealed that the company took a keen look at seven pilot programs. They then noticed that the results of these seven projects appeared similar in certain ways. They then resolved to aggregate the obtained data into the report that found its way to mainstream media on Thursday, 11th May 2018.

The report detailed a 40 to 70% saving that the startup has been able to achieve so far. The Ripple’s product’s head also observed that the operations across other networks only lasted for very few minutes, as opposed to a period of days that is usually taken by other traditional modes of payments.

The platform that is charged with the responsibility of ensuring that the xRapid program works also took note of that great speed. They were amazed how the whole process just went down for a couple of seconds, something that has never been seen in this market. With the current state of the legacy financial system, the xRapid program is one of the few projects that is poised to bring a transformation in this whole market.

More Upgraded Processes

Whereas it is a fact that the transactions from one financial body to another took just a couple of minutes, there were other operations that also happened so fast. The part that involved the XRP ledger went on faster than the rest of transactions. However, Birla went ahead to note that there were certain few delays in the whole process.

The bulk of the time that was spent, according to him, was caused by the organizations that wanted to change fiat currencies to the main XRP currency and back. This was done on the platform of local exchanges. This senior Ripple official has revealed that it just takes seconds to process a transaction and send it out to the local rails.

Ripple’s Future Plans

This successful project has made Ripple plan for several projects in the coming future. Its main focus at the moment is to move from the myriad of pilot projects it has to fully-fledged launches. It is, however, unclear the exact timeline for these launches.

At the moment, Ripple has stated that they would continue to run pilots just as they put last touches on their latest product. Birla closed his remarks by announcing that their next plan is to move their customers from pilot projects straight to production.