Ripple (available on Binance) (XRP) received a serious boost this morning after news broke that Ripple (available on Binance) Labs’ xRapid project could debut in the next month, or so.

Ripple (available on Binance) (XRP) and xRapid

Sagar Sarbhai, head of regulatory affairs at Ripple (available on Binance), spoke to CNBC yesterday and confirmed positive movement on its xRapid platform.

“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,” Sarbhai told CNBC.

Ripple (available on Binance) is currently working with a few financial institutions to test its xRapid project, and it seems those pilots are going well. Western Union and MoneyGram are among some companies currently testing xRapid.

Ripple (available on Binance)’s xRapid uses its XRP cryptocurrency as a bridge between currencies, allowing these payment providers a way to process faster cross-border transactions. Ripple (available on Binance)’s website explains xRapid as this:

“xRapid is for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience. Because payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. xRapid dramatically lowers the capital requirements for liquidity.”

Ripple (available on Binance) also offers its xCurrent platform, which does not use XRP, and many major banks and financial institutions have begun testing this platform. American Express and Santander are among the 120 banks and financial institutions currently testing xCurrent.

“A couple of years ago the narrative was: blockchain good, crypto bad,” Sarbhai told CNBC. “What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction,” he said.