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Ripple XRapid is alive, but so far nothing exciting has happened at the price. There were many expectations that, once XRapid will be published, the price will skyrocket, probably above $ 1. However, beyond the hype, XRapid has only become the beginning of the rise of XRP towards the top. This is because, by going live, XRapid has simply opened the doors to banks to enter its superior technology, reducing costs and improving operational efficiency in cross-border payments. Going forward, XRP holders (XRP) must keep Temenos eye on.
Temenos is a technology company that offers back-end software solutions for banks. The company works with over 3000 companies worldwide and has 41 of the top 50 banks as customers. Basically, if a bank decides to integrate XRapid, Temenos is the company that will do the work to integrate it.
But can Temenos really influence a bank's decision to go live with XRapid? Well, there are good chances I can, for two reasons. First of all, the banks are heavily bureaucratic. This means that for them to introduce new technologies, they have to go through long and endless consultation processes. Basically, for such a radical technology as XRapid, most banks will take some time to deliberate on it.
Temenos is the only company that can accelerate this process for them because it is already part of the banks' bureaucracies. On this basis, Temenos will play a key role in bringing the integration of XRapid into the banking sector.
Secondly, Temenos could play a huge role in the integration of XRapid into the banking sector because of the cost aspect. Integrating XRapid into banks will be expensive and in line with the bureaucratic nature of banks, accelerating the same will not be economical. However, since they already work with Temenos, it would be easier for them to come to terms with this company and integrate it at an advantageous cost because they already work together. For a bank it is easier to negotiate with its existing partners a quick and convenient integration with XRapid, rather than doing the same with a third-party service provider. This makes Temenos a valuable player in the rapid integration of XRapid into the global banking industry.
The best part is that Temenos has the experience to push for this integration, in addition to the technological ability to do so. As of 2016, Temenos was doing demos for ripplenet, and how it would be beneficial for the banking sector. This is an indicator of the fact that they have the ability to accelerate its integration, now that XRapid is alive and has more publicity than it had ever done before.
Today, ripplenet is a well-known technology in the financial sector, and with a facilitator like Temenos, things could become quite interesting in the coming months, in terms of adoption. Basically, now that XRapid is active, things could start moving pretty fast, in terms of adoption. It will even be faster once there is regulatory clarity around XRapid. With the increase of this adoption, the value of XRP will also be detected. It is a long-term game, driven by the spread by banks and followed by companies like Temenos.
