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The first bank to officially use Ripple's xRapid XRP says it will fully integrate the technology in just a few weeks.
Euro Exim Bank says it will start using XRP in cross-border payments in the first quarter of this year. Graham Bright, responsible for compliance and operations of the bank, told American Banker that he ultimately plans to use the digital resource to feed payments in 80 countries to demonstrate the speed and efficiency of cryptocurrency.
"There was a lot of talk in the markets about how blockchain technology can help in commercial finance." We are interested in moving forward and creating a payment platform for our customers in over 80 countries at the moment, ensuring that they have a simple and frictionless way of paying the local population ".
The current international payment standard is the global Swift network, which is used by 11,000 banks and financial institutions worldwide. According to Bright, one of the Euro Exim Bank transactions on the Swift network was lost this month, offering a prime example of why a shift to new technology is needed.
"He was lost somewhere in the quagmire of a central organization, and we have no visibility as to where he is – all the counterpart says is," We have not received your message. "
Ripple's XRapid allows banks and financial institutions to send international payments by exchanging their local currency with XRP. The digital asset is then sent across borders and converted into the local currency in a corresponding country, all in seconds.
Ripple has partnered with four cryptocurrency exchanges to act as bridges and perform XRP transactions via xRapid. For example, a bank can exchange dollars with XRP through the cryptic exchange Bittrex, which in turn sends XRP to the Bitra Mexican crypt exchange. Once Bitso receives the XRP, it immediately processes the conversion from XRP to the Mexican peso, then delivers it to the Mexican bank designated in real time.
Ripple's global strategic accounts manager Marcus Treacher says that xRapid will give international companies a new way to send money-free value in different currencies around the world.
"When you use XRP, instead of having to pre-park all your money in foreign accounts all over the world, keep your funds locally, under your control, your stability, your creditworthiness.It's a much better position structurally You can transfer funds from your local account, the Brazilian real, for example, in the destination account, in euros, for example, in two minutes. "
Euro Exim Bank, based in London, said it was interested in Ripple's XRapid for the first time after being invited to the Swell conference of the San Francisco startup in October of last year.
It was then that Ripple announced the official launch of xRapid for commercial production.
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