Mercury FX is trying to change the way people and businesses make international transactions. Their mission is to beat banks by providing customers with lower “exchange rates and lower transaction fees on all international transactions.”
They aim to replace current systems with blockchain to improve and replace the way businesses interact with each other. “Whether it’s receiving or sending currency internationally, we will always provide a better service, with better exchange rates and at a lower cost than the banks,” Mercury FX claims.
In a series of tweets, @mercury_fx_ltd shared how easily and efficiently one of their clients, Mustard Foods, was able to send funds internationally.
“We’ve made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds.
UK-based Mustard Foods saved £79.17 and 31 hours on the transaction.
“As a food production company supplying 500+ restaurants in the UK & Europe, we pay suppliers around the world to get quality ingredients for our customers. Faster, cheaper payments allow us to fulfill orders quickly and grow our business.’ James Durrant, Commercial Director.”
Endorsements from thriving businesses is pretty much the best way to spread the use of blockchain technology. It’s important for not just the people of the cryptocurrency space to see, but also the skeptics of the financial world to witness the capabilities of cryptocurrency.
Transactions like the one made by the UK-based, international company Mustard Foods highlight the ability that blockchain and cryptocurrency have to change the way people do business. As previously stated by Mercury FX, the aim is not just to disrupt, but replace the old guard. And the strategic cooperation with Ripple could make it possible.
“We believe that the more established blockchains will eventually replace the SWIFT network alongside other frankly clunky payments networks. Cryptos will be used as a conduit to replace fiat eventually.”
When companies realize they could save money and simultaneously speed up their processes, it will be a no-brainer for them to integrate blockchain transactions into their businesses models.