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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 today 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.”
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