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Ripple and XRP: highlights of 2018

This article is a look back at some of the best moments of 2018 for the launch of FinTech Ripple and the XRP cryptocurrency that is used by some of its products (such as xRapid).

"Digital resources promise fast transaction speeds, but XRP is much faster than all, including bitcoins, cutting settlement times from hours to just three seconds or less will remove billions of dollars in brokerage fees. not necessary ".

"Not only does it have a clear case of use, XRP is faster, cheaper and more scalable than any other digital asset, and I firmly believe it will become the global standard in digital currencies.

What is your plan to use Ripple and XRP technology in SBI activities?

We have already moved aggressively to exploit Ripple's technology, investing in the company in January 2016 and then launching SBI Ripple Asia (a joint venture) in May 2016. Very quickly, we launched a consortium of 61 banks, including the above in Japan to use Ripple for domestic and cross-border payments. In addition, we are increasingly interested in trying to use XRP for payments. "

"For payments in the corridor of critical remittances between the United States and Mexico, financial institutions using xRapid have seen savings of 40-70 percent compared to what they normally pay foreign currency brokers." An average xRapid payment took a little longer two minutes, compared to today's two-day average for sending cross-border payments The part of the transfer that is based on the XRP Ledger takes two to three seconds, with additional processing time attributed to the movement through exchanges of intermediate digital goods and local payment lines. "

"Ripple's blockchain-based solution was implemented to enhance CIMB's proprietary remittance product called SpeedSend, which allows customers to send and receive money with direct account credit and instant cash collection, improving their access cross-border remittances across the world – both entering ASEAN and outbound to other countries – are already allowing remittances to corridors such as Australia, United States, United Kingdom and Hong Kong. "

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