- UK-based payment provider becomes first European financial institution to successfully complete international transaction using xRapid platform
- Ripple's XRP token cut payment time to completion from days to just seconds
- Currencies Direct officials are optimistic about future use of the cryptocurrency platform to improve customer service
Currencies Direct has reported a successful international money transfer trial using the XRP cryptocurrency token and Ripple's payment processing platform. This makes the UK-based foreign exchange and payments processor the first European financial organization to complete an overseas transaction via xRapid.
During the trial, Currencies Direct initiated a series of international payments using Ripple's xRapid. The transactions, which usually take between three to five days to post, were completed in just seconds over the digital disruptor's platform.
Officials with Currencies Direct were impressed by the improvement and have called the trial a "resounding success". They are now considering next steps in the process but are hopeful that working with the cryptocurrency platform will bring significant improvements to the customer experience by shortening transaction times significantly and lowering fees.
"Our goal is to offer the best possible service. We believe that utilizing cryptocurrencies in this way – as a transfer of value, rather than as a store of value – is the next logical step for our industry," said Brian Harris, Chief Product Officer with Currencies Direct.
"It is, after all, the intended purpose of cryptocurrencies and we're proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers," he added.
Ripple has already solidified partnerships with a number of payments providers, commercial banks and other financial institutions all over the world. These partnerships have shown great promise in changing the way money moves across international borders, lowering costs on remittances and offering users a faster, more convenient way to send money abroad.