When it comes to financial transactions, speed is of integral importance. Realizing this, Ripple has been updating their systems over time. Their latest update brought an increased transaction speed with it. This saw VISA lose the number one spot for the financial transaction company with the fastest transaction speeds. VISA has been handling 24,000 transactions per second with ripple having 1,500 transactions per second. But now, Ripple’s transaction speeds have surpassed those of VISA to reach 50,000 transactions per second.
Ripple, an international financial transaction company, is responsible for the XRP token. With the recent upgrades into their transaction speeds, Ripple is keen to be the fastest transaction processing company globally.
The other crypto networks which are closer to Ripple’s transaction speeds are; Bitcoin Cash, Litecoin, dash Ethereum and Bitcoin. Early this year, IDT Corporations, a telecommunications company, and Mercury FX, a leading global currency exchange firm joined the growing Ripple’s network. They subscribed to the xRapid package which allowed them to make corporate transactions and retail remittances much quicker and safer.
MercuryFX CEO, Alastair Constance was excited to join Ripple,
“Ripple, XRP and fiat currency fit hand in glove. What we’re doing together is realizing one of the best use cases for frictionless transactions, which is an international settlement. xRapid allows us to drive down the cost of currency exchange and global settlement, making our customers more competitive and saving them tens of millions of dollars each year”
Alastair continued to note that,
“Digital assets promise fast transaction speeds but XRP is far faster than all of them, including Bitcoin. Cutting settlement times from hours and days to just three seconds or less will remove billions of dollars in unnecessary intermediary fees”
Alfredo O’Haga, IDT senior vice president, consumer payments system, observed;
“We’re excited to pilot Ripple’s xRapid solution for on-demand liquidity. We expect that xRapid will enable us to settle more transactions in real-time and at a lower cost”
Does Ripple’s transaction speeds help in making it the leading global financial transaction company or are there other factors it needs to consider?
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