Ripple & # 39; s Sagar Sarbhai Leaks Previously unknown information about Banks, XRP and the creation of xRapid
Fresh and unknown information regarding Ripple are the focus of attention these days. Ripple, the head of governmental and regulatory relations for APAC and the Middle East, Sagar Sarbhai recently spoke at a FinTech conference on the use of XRP by banks.
The most interesting thing is that it revealed some previously unknown critical information concerning banks and the creation of the Ripple xRapid product.
XRP was piloted with 12 banks before creating xRapid
Sarbhai told the story of how XRP was piloted by 12 banks before the creation of xRapid which is Ripple's product.
banks did not have a pre-established relationship between ours and yours, and are found all over the world.
"In 2016, what we did was the piloting of 12 banks: these 12 banks were located in all regions of the world and did not have privileged relationships with one another. it was done to give these banks an XRP and we asked them to settle in themselves, and it worked beautifully. "
He also said that the XRP fits in with the case. use of cross-border payments and there was a strong need for a system that would allow banks to use it.
This included reducing the risk of volatility and also accounting for the regulatory atmosphere.
Sarbhai states that these were the main issues that banks were forced to face when they piloted XRP for cross-border payments.
Ripple collaborated with payment providers
To drive technology adoption, Ripple began to work with payment service providers who were more willing to try the product.
He said that "It works because they do not have to keep the digital resource on their books but using the software called xRapid they can actually connect to an exchange of digital resources, convert fiat into XRP time and XRP to fiat in real time from the other side and this happens in 3 seconds so there is no risk of volatility. "
xRapid has been under development for over two years and Sarbhai hinted that it would go live very soon , maybe even in October.