Ripple to Add Payment Providers for Pilots

The XRP token is said to become more valuable because of Ripple’s latest decisions. Ripple has created alliances with IDT Corporation and MercuryFX. These companies are international payment providers that deal with over a hundred million transactions each year. The companies will be utilizing Ripple’s platform, xRapid. XRapid helps companies because it allows them to save on the price of accessing and supplying liquidity to consumers. The platform will be put to the test and is said to allow international money transfers and banks to free up money that is sitting in nostro and vostro accounts.

Nostro accounts are accounts that are owned by domestic banks but the accounts are actually at a foreign bank, in that country’s local currency. The foreign bank then considers the accounts as vostro (which means “yours” in Latin). The capital is technically in local currency, but they belong to the foreign bank. So funds will be placed on a cryptocurrency platform that utilizes blockchain technology. This will cause capital to move quicker, and more freely which will save time and costs for everybody.

Ripple has also created deals with MoneyGram and Mexican financial institution Cuallix. They are also working with credit card provider, American Express. They have a long list of partnerships and the list keeps growing. In crypto market news, XRP is up 500% since last year and Ripple is set to make many more announcements and have more exciting news come our way. With more partnerships and alliances, Ripple will be providing an efficient way for these companies to move large sums of money faster and more freely.

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