Ripples’ plan to become a leader in global payment processing has gone one step further, after Ripples partner Mercury FX successfully completed its first commercial cross-border payment to the Philippines yesterday.
Mercury FX , a global foreign exchange provider with offices in London, Hong Kong and Cape Town, said its new xRapid payment corridor to the Philippines is operational. The first commercial payment by a single customer with xRapid was made yesterday on behalf of a customer in the UK who had to send money all over the world to pay for his honeymoon.
Mercury FX tweeted:
Mercury has just made history and completed the first commercial payment with #xRapid in the Philippines. The payment was made for a single customer who wanted to pay for his honeymoon at the @edgewaterdive Spa Resort in the Philippines.
The company also mentioned that they are open to commercial payments to two countries, Mexico and the Philippines. According to Mercury FX tweets, people can now send money by opening an account that supports over 40 currencies.
In January, Mercury FX unveiled the details of its largest ever non-commercial xRapid payment and stated that it used xRapid to send a $ 4,574 payment from the UK to Mexico. The payment was made in seconds, compared to the 31 hours it usually takes on conventional payment channels. The lower fees saved the company a total of $ 102.
At the Ripple Regionals 2019 conference in London, Mercury FX CEO Alastair Konstanz said the company sees xRapid as an effective alternative to Swift.
We made our first commercial live payments a few weeks ago. So we are now making payments for a British company to Mexico to import Mexican food. And they move much faster than payments would go through Swift, at much lower cost.
At the same conference, Konstanz presented the company’s plans for the future to expand the xRapid Corridors through the establishment of stores in the Middle East and Canada. Mercury FX plans to open up to 10 new payment corridors with Ripples XRP-based xRapid by the middle of this year, including payment routes to Canada and the Middle East.
In addition to Mercury FX, banks in the UAE are already preparing to set up
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