Ripple’s xRapid Pilot Cuts Payment Fees Up To 70%

The distributed ledger startup Ripple recently published the results of its xRapid pilot programs. The report focused on the company’s offering that was centered around the cryptocurrency Ripple (XRP) stating that the pilot helped the company see significant savings in fees as well as the overall transaction times.

The company also announced a number of partnerships over the past couple of months with companies that piloted xRapid as well as xCurrent, which is another offering that does not utilize Ripple (XRP).

The head of product development at Ripple, Asheesh Birla, told news sites that the company looked at seven pilot projects, finding that the results were fairly similar in each scenario. As a result, the data was aggregated and resulted in 40% to 70% savings, according to the company’s Thursday report.

The platforms that are piloting xRapid recognized the speed, adding the following:

“They were like, ‘Wow, this entire thing is happening in a matter of seconds all the way through,’ and that’s just not possible given the way the current legacy financial system works.”

While the transactions from one financial institution to another took a couple of minutes, the portion that involved the XRP ledger only took a few seconds. This has been a major advancement for the xRapid platform, which now takes a few minutes to process and send out into local rails.

Ripple is currently planning to move from pilot programs to full-scale launches. However, the company said that pilots are crucial towards putting the final touches of the product and testing it until its launch.