Future plans for Ripple’s XRP-powered xRapid have been recently revealed by Catalyst Corporate Federal Credit Union as one of Ripples many ongoing partners.
Kathy Garner, CEO of this firm recently commented that plans for using the cross-border payment solution to boost payments to Mexico are well on there way.
“One of Catalyst Corporate’s largest endeavors in 2018 was forging a strategic partnership with Ripple, the leading enterprise blockchain provider for payments. Our goal is to send international payments to Mexico via Ripple’s blockchain solution. With this cooperative arrangement known as ‘Currentz’, secure cross-border money transfers can be completed within minutes.”
COO for Catalysy Corporate FCU, Brad Ganey says xRapid shall allow companies to have a cost-effective manner that shall completely trash the traditional wire services.
“The traditional international wire experience fails to meet today’s expectations from a price, speed and ease-of-use perspective. Blockchain technology, and specifically Ripple’s xRapid product, resolves all three of these challenges simultaneously.
Catalyst Corporate, through our subsidiary companies’ technology platforms, will leverage the XRP digital asset to transfer money across borders instantly on behalf of our 1400+ member credit unions. We have signed a production contract and are currently building out our plan.”
Currently, the firm has as of yet to reveal a launch date for this new system.