One of the first banks to implement the xRapid product, Euro Exim Bank, will be powering payments across 80 different countries. The integration will be ready in just a matter of weeks. According to the company, the intention is to start using XRP the first quarter of 2019. The information was released by the bank’s head of compliance and operations, Graham Bright.
Euro Exim Bank Integrates xRapid
During a conversation with American Banker, Graham Bright shared the plans that the bank has to use XRP and the xRapid solution. With it, the intention is to connect 80 countries and prove the speed and efficiency of digital currencies.
About this implementation, Bright commented:
“There’s been a lot of talk around the markets about how blockchain technology can assist in trade finance. We’re interested in moving forward and creating a platform for payments for our clients who are in over 80 countries at the moment, making sure they have a smooth, frictionless way of paying local people.”
At the moment, banks and financial institutions use a service known as SWIFT. This is used by more than 11,000 banks and financial institutions around the world. However, the SWIFT network is several years old and it works slow and with higher costs than xRapid.
With xRapid, it is possible for financial companies and banks to send payments sourcing liquidity using XRP. XRP is the second largest digital asset in the market after Bitcoin (BTC). Using XRP it is possible to exchange the local currency for XRP and send the funds to another country converting the XRP back to another fiat currency.
In order to do so, Ripple partnered with several cryptocurrency exchanges around the world that work as a bridge to execute transactions using xRapid. For example, if there is a banking company in the United States, it will purchase XRP through Bittrex and send the XRP to Mexico. Once the funds reach the destination, they will be sold on the crypto exchange Bitso and customers in the country will receive the local currency immediately after.
Using XRP it will be possible for companies to send funds abroad without having to think about having pre-bank all the money in foreign accounts. Financial companies hold their funds locally and control them as they desire. This would allow firms to move Brazilian reals to euros in just a few minutes.
A few days ago, Ripple informed that RippleNet surpassed 200 customers worldwide. One of these new customers was Euro Exim Bank. Many others are also interested in leveraging XRP and source liquidity on-demand. These firms are JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank.
At the time of writing this article, XRP is the second largest cryptocurrency. It has a market capitalization of $13.65 billion and each XRP can be purchased for $0.332.