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Ripple Partners Three Crypto Exchanges For XRapid Payment Solutions

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US-based blockchain startup Ripple has partnered with three cryptocurrency trading platforms, U.S.-based Bittrex, Mexico's Bitso, and Philippines' Coins.Ph, to provide cross-border payments settlement solutions on its blockchain-based payments solution, xRapid.

xRapid is powered by Ripple's XRP, the digital asset for payments, to offer on-demand liquidity, which lowers transaction costs while enabling real-time payments in emerging markets. XRP offers banks and payment providers an efficient, scalable, reliable liquidity option to service cross-border payments.

The partnership will help enable cross-border payment solutions between XRP and U.S. dollars, Mexican pesos, and Philippine pesos on xRapid.

With the help of the exchanges in the U.S., Mexico and Philippines, xRapid payments can be moved seamlessly from one currency into XRP and then back into another currency such as US dollars, both pesos quickly and efficiently.

For example, a financial institution, that has an account with Bittrex, initiates a payment in U.S. dollars via xRapid which is instantly converted into XRP on Bittrex. The payment amount in XRP is settled over the XRP Ledger. The XRP is then converted into fiat through Bitso's Mexican Peso liquidity pool, which is then settled into a destination bank account in pesos.

In May, Ripple announced that financial institutions piloting xRapid saved 40 to 70% on average compared to traditional foreign exchange brokers who facilitate cross-border payments. The payments also settled in two minutes or less compared to two to three days from traditional methods.

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