In a recent FinTech conference, Ripple manager Sagar Sarbhai revealed that XRP had been piloted with 12 banks before the xRapid product was created. Sarbhai, head of the Ripple government and regulatory reports for APAC and the Middle East, said that the participating banks are based in different parts of the world.
According to a report by AMBCrypto, he said: "In 2016 what we did was piloting with 12 banks – these 12 banks were located in all regions of the world and had no fixed relationship between them. done was give some of XRP to these banks and we asked them to settle down and it worked beautifully. "
Although the XRP is well suited to the case of using cross-border payments , a system that allows banks to use it was required to include the reduction of volatility risk and the accounting of regulatory atmospheres. Because these were the problems that the banks faced when XRP was piloted with banks for cross-border payments. Sarbhai said: "[They said] we would like to adopt it but we can not, because there are capital requirements and regulatory uncertainty, so they said that it is volatile, [and that] there are no rules, so we can not keep those assets in our books. "
The problems led the Ripple team to find a way out, which eventually led to the creation of xRapid. To increase the adoption of technology, Ripple began to work with payment service providers willing to try the product. Sarbhai said: "It works because they do not have to keep digital assets in their books but using the software called xRapid they can actually connect to an exchange of digital assets, convert fiat to XRP at that time and XRP to fiat in real time from the other part and this happens in 3 seconds, so there is no risk of volatility. "
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