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- Ripple has partnered with the Currencies Direct forex service provider
- XCurrent product to greatly reduce costs and transaction time
- XRP is currently in second position on the CoinMarketCap encryption table
According to a article published by Finextra, December 11, 2018, Ripple & # 39; s xCurrent will enter India, thanks to a partnership with Currencies Direct.
Ripple enters the Indian market
Ripple & # 39; s xCurrent is used by major banks and financial institutions around the world to confirm payments before and after the settlement. The product consists of a regulation to ensure consistency and legal clarity for each transaction.
The product also allows customers to track their payments in real time throughout their journey from their bank account to the recipient's bank account.
This development could prove enormous for the parties involved, in particular Ripple, as it provides direct access to the blockchain startup to the remittance market largely untapped in the Asian country. In particular, in 2017, India received remittances worth $ 69 billion.
Ripple has consistently been at the forefront of blockchain-based cross-border payment solutions, courtesy of its universally acclaimed products such as xRapid and others.
It is worth noting that the forex service provider Currencies Direct is already a member of RippleNet, a group made up of giant global banks, including Bank of America, Credit Agricole and Santander, among others.
Vivek Awasthi, chief information officer, Currencies Direct said:
"Our partnership with Ripple shows the future of international payments and the way technology can dramatically improve the customer experience, when you think about the vast amounts of money being transferred around the world and in India in particular, It is right that customers have the opportunity to check the status of their funds at every stage. "
He also added that regardless of profession, whether it be a consumer, sole trader, auditor or financial manager, people always appreciate having their money visible, and Currencies Direct xCurrent views like "game change for "payments.
Likewise, Marcus Treacher, SVP of Customer Success at Ripple shared his views on development. He has declared:
"With RippleNet expanding, it is encouraging to see companies such as Currencies Direct using blockchain technology to support remitters around the world. As they are starting with India, we work closely with them to move on to other markets as soon as possible. "
Will 2019 be the year of the flood?
Even though the cryptography market is going through a prolonged phase of the bear, things could change dramatically for the industry in 2019.
2018 saw Ripple forge alliances with a number of major financial institutions around the world. BlockchainReporter reported November 16, 2018, as the CIMB Group joined RippleNet, becoming one of ASEAN's first financial institutions to adopt cross-border payment solutions based on blockchain technology.
At the time of printing, XRP is in second position CoinMarketCap cryptographic table, with a total market capitalization just over $ 12 billion.
