In a new interview, Ripple's global strategic account manager extends the growth of xCurrent and xRapid company payment solutions.
Marcus Treacher told The Asian Banker that both products are growing at a rapid pace, with an increase in adoption in a number of regions.
"There is a lot of activity in the Middle East and in India, as you said during the introduction, in Southeast Asia and also in Latin America. We are seeing considerable growth also in Northern Europe. 39; it's really a beautiful global coverage that is growing very quickly …
So, as far as payment is concerned, we have created a product called xCurrent. And xCurrent is what is at the heart of the Ripple network. This connects banks and payment companies together and allows money to move in seconds around the world.
The other component is xRapid. xRapid is the point where we can separately log into the XRP register for a very fast cash delivery in the destination country, as required. When you put them together, you get a very powerful payment proposition that uses blockchain technology – but does not use any token – supported by a very powerful liquidity proposition that uses the XRP token. We do not publish the full amount, but it is growing very, very fast. "
Ripple has been a little cautious when it comes to releasing new information that companies expect to use xRapid. Ripple launched xRapid for commercial use in October, revealing that MercuryFX, Cuallix and Catalyst Corporate Credit Union Union will use technology to power payments.
Since then, Ripple has also confirmed that the cryptographic exchanges of Bittrex, Bitstamp, Bitso and Coins.ph will use xRapid to increase payments between the United States and the Philippines, the United States and Mexico.
Overall, Ripple states that at least one financial institution is underwriting one or more of its payment solutions every week, and according to the head of Ripple's global infrastructure, almost 200 banks and financial institutions are now on board.
As for the fact that Ripple will replace the cross-border SWIFT legacy payment system, Treacher says the San Francisco startup is working to dominate the space in the coming years.
"I think that with the SWIFT and Ripple model, there may still be a role to play for the old messaging model of the hub structure like SWIFT, but we believe that for most payments, real business flows and resale flows, we It will switch to a much more open interconnection model created by Ripple, so we will certainly dominate that central space, regardless of whether this leads to a complete move in Ripple or not.
It's a big enough world. If at one point Ripple is seen as an alternative to SWIFT, then it's okay, but our weakness is bringing that high-volume commercial flow that we think in the 21st century will be really, really important to support the economies of world ".
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