Ripple – a distributed ledger startup – released the result of its xRapid pilot programs. The report which was released on Thursday, May 10, 2018, focused on the offering of the company centered around the digital currency XRP, stating that pilot takers experienced huge reductions in transaction fees as well the overall time of transactions.
In recent months, Ripple has announced a lot of partnerships with firms using xRapid and xCurrent- another offering from the company that doesn’t use XRP. Asheesh Birla – head of product for Ripple – said the startup observed seven pilot projects, noticing that there was a fairly similar result across the board.
As a result of this, the company amassed the data into the 40 to 70 percent savings which was published in the report of the startup on Thursday. Mr. Birla also said that the transaction time has greatly improved, and it only takes a couple of minutes now compared to when it usually takes days to complete conventional payments of that kind.
The Increase in Transaction Time
He added that the speed was recognized by the platforms piloting xRapid, and they were very surprised that the entire process is happening in a couple of seconds, they said it’s not possible due to the ways the present legacy financial system works. While it only takes few minutes to complete transactions from a financial institution to another, it only takes a few seconds to complete the portion involving the XRP ledger.
He also said that most of the time spent is as a result of the process of converting fiat currency to XRP and back to fiat currency via local exchanges by the institutions. Now, the company is planning on moving from pilot programs to full-size launches. But there is presently no definite timeline for these plans.