The Ripple Europe regional event took place in London on February 5th. Some of the participants were Alastair Constance (Founder and CEO of MercuryFX), Graham Bright (Head of Compliance and Operations at Euro Exim Bank) and Eva Kaili (Member of European Parliament).
Alastair Constance spoke about the MercuryFX – Ripple partnership and the usage of the xRapid solution. Ripple released footage of the event today.
It was a very interesting conversation between Alastair and Marcus Treacher (Global Head of Strategic Accounts at Ripple). The most interesting statement had to do with the current corridors xRapid is being used by MercuryFX.
We are now making payments from a UK corporate to Mexico to import Mexican food and they are moving a lot faster than payments would go through Swift at a much lower cost. So, we’ve already had the Mexican channel open up, it is live, it is being used and I think actually today or tomorrow we are testing the Philippines, with an eye to going live in the next week or so.
This was more than two weeks ago so naturally MercuryFX has already gone live with xRapid for UK to Philippines payments. He later explained that customers don’t need to understand the technology but what they see is payments arrive at one hundredth of the time and they are paying a lot less. When comparing how xRapid results compare to Swift, he mentioned that “the numbers are actually quite eye-watering”.
He added than normally they wouldn’t have looked at Mexico (the first corridor they opened with the UK) and the Philippines because they are not the traditional countries they have clients. However, this is how Ripple came in and opened new cost-effective markets for MercuryFX because of the efficiency of Ripplenet.
Later on Alastair noted they have plans for the Middle East, Canada and many more countries.
“The exciting thing is that we are in production, as you say, so the testing phase is behind us, and roll on. Its two countries today, it could be ten in the middle of the year and what stops it being any more than that. We are 100% behind Ripple on getting the job done.”