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Ripple's banking chief, Marjan Delatinne, recently said that banks are not jurying to adopt xRapid, Ripple's XRP-based products due to a lack of regulatory clarity.
Non-financial institutions are more interested in xRapid than in banks
He offered some reasons why non-financial institutions are more interested in using xRapid to process cross-border payments than banks.
"Just to clarify, no bank is using it, because as you have probably heard, the regulatory framework on the use of digital assets is not very clear to banks, but payment service providers and some other financial institutions are less subject to these obligations, "explained Delatinne.
He also highlighted the cases of use of XRP regarding xRapid. He used the illustration of someone sending money from the United States to Mexico, and he said that cross-border transactions are one of the main use cases for which Ripple is enthusiastic.
He said that Ripple could change the way current liquidity is managed. He explained that xRapid is the best way to show people how cryptography can build the global economy using the costs associated with liquidity management.
In October, as you know, Ripple launched the xRapid business application at the Swell 2018 conference in San Francisco.
Ripple remains focused on cross-border transactions
Recently, Ripple's CEO in South Asia, the Middle East and North Africa has proven to take an all or nothing approach to revolutionize the world of finance.
During the BlockOn conference in Bahrain, Navin Gupta addressed the reasons why Ripple is strongly focused on the cross-border payment industry.
He said that, first of all, Ripple plans to resolve all issues related to cross-border payments, after which they can start to focus on something else.
"So we're like Google for research, Ripple is for remittances, and that's what we're going to do, we'll do it right, and we will not stop until we gain respect and your business," he concluded.
