Sagar Sarbhai, the Head of Government & Regulatory Relations at Ripple (APAC & Middle East Branch), told CNBC that the xRapid product could be launched in October.
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production,” said Sarbhai.
Ripple intends to make international payment process easier through the use of xRapid. The product is built for banks and payment providers who want to reduce the cost of liquidity. Through xRapid, a bank would accept payment from the remitter and convert it into XRP, then transfer it to the beneficiary bank. Once again, XRP would be converted to the country’s currency before being paid to the beneficiary.
According to Sarbhai, over 120 banks have collaborated with Ripple to use the enterprise solution xCurrent. Up to now, some of the companies that have tested xRapid include Western Union, MoneyGram, MercuryFX, Viamericas and Cuallix.
In June 2018, Brad Garlinghouse, Ripple’s CEO, said that he expected to see xRapid users “in the order of dozens” in 2019. “I’ve publicly stated that by the end of this year  I have every confidence that major banks will use XRapid as a liquidity tool,” said Garlinghouse.
Last week, Ripple announced that Saudi Arabia’s National Commercial Bank had joined RippleNet, the decentralized network for financial institutions.
Garlinghouse also explained the difference between Ripple and its competitors at TechCrunch Disrupt 2018,, “You’re going to see a separation between projects that are purely speculative, and those that solve a real problem. Ripple has specifically decided to go into one vertical with a clear customer, solving a clear problem.”
Ripple has managed to make its way into the entertainment industry by donating $4 million in XRP to celebrity host Ellen Degeneres’ wildlife charity. The firm has also worked with famous singers such as Madonna and Snoop Dogg, and has earned the support of actor Ashton Kutcher.
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