Ripple (available on Binance) released a report announcing the progress of its pilot tests for the Ripple (available on Binance) xRapid product. The pilot tests show that xRapid is successfully achieving cheaper and faster cross-border transactions.

The complaint has always been that sending money around the world is slow and comes with large fees. xRapid is meant to solve this. Ripple (available on Binance)’s report stated that “xRapid leverages the technology behind the digital asset XRP, to make cross-border payments truly instant.”

The Ripple (available on Binance) xRapid Results

“AggreGated results from several pilots for xRapid are now available,” Ripple (available on Binance) stated.

The report cited the results from testing cross-border payments between the US and Mexico at financial institutions using xRapid. These cross-border payments were between 40-70% cheaper than the fees normally paid to foreign exchange brokers.

On average, an xRapid payment was not only cheaper but faster too than regular cross-border payments. xRapid payments took just over two minutes, which is significantly faster than the normal two to three days that cross-border transactions take regularly.