In an announcement [PDF] on Tuesday, the UK brokerage revealed it conducted a number of international money transfers between organizations based in the US, Mexico and Europe in seconds, compared to traditional money wires that typically take 3 to 5 days to complete.
Laying claim to the pilot as one of the first successful trials of a ‘digital asset by a mainstream financial services organization’, Currencies Direct said the testing 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’ in comparison to traditional transfer methods.
Currencies Direct product chief Brian Harris called the pilot a ‘game changer’ for the remittance industry, stating:
“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.”
The trial sees the use of xRapid, a Ripple product that uses its digital token XRP to minimize liquidity costs in near-instant transfers around the world, particularly in emerging markets that require pre-funded local currency accounts…