Payment processor Cuallix is offering Ripple (XRP) cross-border payments between the US and Mexico.
Interestingly, the cross-border payments process involves two cryptocurrency exchanges Bittrex, Bitso, and Ripple’s xRapid cross-border payment platform, a press release indicates. Thus the process involves four different organizations, Cuallix, Bittrex, Bitso, and Ripple.
Moreover, the process of making a Ripple cross-border payment between parties in the US and Mexico involves four steps.
First, when Bittrex initiates a payment between the US and Mexico in xRapid. Second, it sends the payment through Ripple’s XRP Ledger to Bitso. Third, Bitso converts the XRP into Mexican Pesos in its Mexican Peso liquidity Pool. Fourth, it settles the payment into a Mexican bank account.
Cuallix Offers Ripple (XRP) Cross-Border payments in Mexico
Notably, Ripple claims financial institutions can reduce foreign exchange costs by 40% to 70% with xRapid. In addition, xRapid can supposedly reduce foreign exchange times from two to three days to two minutes.
“Given that it is more faster and more efficient and more transparent, that can help us give that to our final client,” Cuallix Chief Financial Officer (CFO) Nicolas Palacios says of xRapid in a Tweet. In addition, Palacios claims Cuallix is the only company offering xRapid in Mexico.
Cuallix supposedly went live with Ripple (XRP) payments in October, the Cryptonews Service reports. Other users of xRapid reportedly include MercuryFx and the Catalyst Federal Corporate Credit Union.
Interestingly, Cuallix offers a MasterCard debit card and other financial products including a Cuallix revolving credit guaranteed loan. Besides xRapid, Cuallix offers traditional cross-border payments through SWIFT, MasterCard, and UnionPay.
MercuryFx offers cross-border payments between the United Kingdom, South Africa, and Hong Kong.
Ripple building Worldwide Cryptocurrency Cross Border Payments Network
Cuallix and Mercury FX are among the latest partners in Ripple’s worldwide cross border payments network.
Market Mad House reports several companies are taking part in the project known as RippleNet. In detail, RippleNet uses sidechains to send Ripple (XRP) payments between nations.
For instance, Instarem and RationalFX, are building RippleNet corridors between the United Kingdom and Malaysia, Vietnam, Sri Lanka, Bangladesh, and Indonesia. Meanwhile, Remitr and FlutterWave have built the first cryptocurrency remittance corridor between North America and Africa. Notably, the two companies have established RippleNet corridor between Canada and Nigeria.
Plus, BeeTech and InstaReM are building Ripple Corridors connecting Spain, Portugal, Germany, France, and Brazil. Thus those companies are offering cross-border XRP payments between Brazil and the Eurozone.
How Ripple (XRP) Cross-Border Payments could profit from Brexit
Importantly, MoneyTap offers the ability to send funds between Japan and Thailand using Ripple (XRP). Notably, MoneyTap can send funds from Japan to ATMs in Thailand.
Impressively, a major publicly traded bank; Banco Santander (NYSE: SAN) is offering Ripple (XRP) cross-border payments in the United Kingdom. Santander’s One Pay FX app reportedly uses Ripple’s xCurrent sidechain to make Ripple (XRP) cross-border payments to Eurozone countries and the UK.
Notably, One Pay FX is in a perfect position to cash in on Brexit, on 29 March 2019. In fact, Brexit could increase the demand for Ripple cross-border payments by severing the British banking system from the Eurozone.
Hence, British residents will need a cheaper and faster alternative to traditional money orders which can take two to three days to complete and cost up to $50 apiece. However, a temporary customs union with the UK could preserve frictionless banking between Britain and the Eurozone.
Ripple and companies like Cuallix are in a perfect position to cash in on an increasingly complex international trade situation with cryptocurrency-based cross-border payments. Hence, other infrastructure coins like Bancor (BNT), EOS (EOS), and Ethereum (ETH) will need to develop cross-border payments to become viable payment solutions.