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Opinion: the consequences of the launch of xRapid, Ripple's technology to use XRP for cross-border payments, left many retail investors dissatisfied. This is due to the effect that the launch had on the price, which seems to have continued to move regularly in the market. However, the launch of the product creates an opportunity for the currency to reach the usability that many of the XRP community have hoped for.
One of the important players for xRapid adoption among banks is not just financial institutions that use xCurrent, but also a company known as Temenos. Temenos is a company that offers back-end software solutions for banks and works with over 3000 companies worldwide. More interesting, 41 of the world's 50 largest banks are its customers, including JPMorgan, Banco Capital and Bank of Shanghai.
The company also has a partnership with Ripple, which provides valuable interlocking in the existing financial system without the need to "get our hands dirty", so to speak. This will also accelerate the development of RippleNet, allowing it to reach critical mass first.
Temenos's latest banking solution, known as the T24 Core, uses the low-cost agnostic technology developed by Ripple and has it fully integrated into the T24 using a feature known as the Bluzelle Altitude Gateway. They also use an API known as IRIS, which allows customers to process an outbound cross-border payment through their back-end, get the best forex fare, issue payments through the Altitude Gateway and resolve and reconcile payments sent via RippleNet.
Because Temenos provides a solution for the back-end of the banks, it will also make it easier for an institution or a bank to switch, if they wish, as they are already partners of Ripple. This will allow for rapid and cost-effective integration with xRapid, further accelerating the pace at which xRapid will be adopted.
This can also be combined with Ripple's efforts, as the company is pushing the adoption of their products. Finally, Ripple executive Dilip Rao said he had signed more than 200 banks as customers to use their product.
SWIFT has also started to implement the changes required for their GPI update, which should be launched on 18 November. One of the biggest changes in the platform is the change to UETR or unique end-to-end transaction reference. According to a SWIFT statement:
"From November 18, 2018, all banks will be required to include the exclusive reference to the end-to-end transaction in their payment instructions, regardless of whether they have adopted GPIs or execute GPI payments."
However, Temenos also promises its customers timely updates for the same, stating:
"SWIFT message standards for external and internal messages are supported Every year, the new SWIFT standards are incorporated into our main platform well before the release date, giving users plenty of room for customers to familiarize with."
This allows RippleNet to connect to the same API through the processing of various payment codes integrated into its technology. Moreover, with the launch of multihop payments, xRapid and Ripple have become more a viable option for banks.
While it is almost certainly impossible for XRP to reach a value of $ 589 by the end of this year, the rapid integration of xRapid and other benefits indirectly offered by SWIFT GPI to RippleNet will ensure that this will be a very exciting year for third cryptocurrency bigger.
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