xRapid being used is the major announcement made at the Swell Conference this year. Three new echanges partnered with Ripple to settle payments using XRP.
If you're unfamiliar with Ripple's payment protocols, I wrote an in-depth article discussing xCurrent, xVia and xRapid.
Ripple held their annual Swell Conference at the home of Ripple’s headquarters – San Francisco.
The following is the Swell Conference 2018 agenda at a glance.
As seen in the 2018 Swell Conference agenda, Bill Clinton was the keynote speaker.
Here's a photo of Bill Clinton on stage with Brad Garlinghouse.
Photo credit Emi Yoshikawa
Here are some opening remarks made by Brad Garlinghouse at Ripple's Swell conference 2018
Here's a quick summary of his speech.
- Big picture — changing the nature of how value moves. Over the next couple of decades, great changes can happen to commerce and society by reducing friction of payments.
- Brad mentions how Chris Larson has had an amazing track record of seeing behind walls — being able to see future possibilities.
- He notes how the cost of sending a text message 10 years ago was 25 cents; how it went down to 10 cents and is now virtually free.
- He spoke about internet of value and how the mission is to remove friction from global payments.
- Brad states there is $10 trillion dollars trapped around the world due to prefunded bank accounts.
- Points out how Uber pays drivers every two weeks and how Uber would want to pay their drivers immediately upon customer drop-off.
- Brad notes an important fact that RippleNet has network effects and the more nodes on the network, the more value there is to join the network.
Announcements Made at Ripple's Swell Conference 2018
October 1st, 2018 Ripple announced xRapid going live. The following banks are using xRapid to complete transactions in seconds.
Three New Partner Banks With xRapid Being Used
Mercury FX
xRapid being used by Mercury FX gives them a hassle-free and cost-effective alternative to banks for global transactions. In addition, their service is provided free of charge.
More notably, they have exchange rates cheaper than banks and tout their customers save an average 3% vs bank costs.
Cuallix
Cuallix has been in business for 25 years and has operations in The United States, Mexico and Hong Kong. They provide credit and payment processing solutions to both companies and individuals.
In addition, some of their key benefits include the ability to have multiple accounts and use multiple different currencies.
Their ability to provide these quality services are all thanks to xRapid being used. These are obvious benefits to using Ripple XRP.
Catalyst Corporate Federal Credit Union
Catalyst Federal Credit Union is the final company announced to be using Ripple's xRapid protocol. They offer liquidity, settlement and cash management services.
More of Ripple's Swell Conference 2018 Talks
Banco Santander's Ed Metzger and One Pay FX
Sunil Sabharwal Shares His Perspective on Global Cryptoasset and Fintech Regulation
Central Banks Show and Tell
More Images From Ripple's Swell Conference 2018
Image credit Emi Yoshikawa
Photo credit Emi Yoshikawa
Image Credit Emi Yoshikawa
Photo credit Emi Yoshikawa
Conclusion
xRapid being used in production is outstanding news for the development of frictionless payments. This year in Ripple's Swell Conference 2018, Brad Garlinghouse announced three new partner banks.
These new banks now use Ripple's xRapid protocol for payment settlement. In this article, I break down what each bank does and I tie in how xRapid will be used.
How do you feel about Ripple's announcements. Did you expect them to announce xRapid going live with not one, but three banks?
I look forward to reading your comments. If you found this article helpful, please share it with your friends as they may find it helpful as well.
Posted from my blog with SteemPress : https://xrpontop.com/xrapid-being-used-ripple-swell-2018/