Euro Exim Bank, a London based bank principally centered on giving economic services for export and import firms will start using Ripple’s XRP cryptocurrency for cross-border payments. Ripple announced on Tuesday that bank has adopted XRP and Ripple’s xRapid software as a solution to the liquidity and perceptibility dilemmas that occur in transmitting funds across the world.
RippleNet Exceeds 200 Clients Worldwide
Ripple further announced that 13 new business organizations have engaged for the company’s payment network, RippleNet. The firms such as Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND, and Rendimento. With these enhancements, there are presently more than 200 clients signed up for RippleNet.
JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank will use the cryptocurrency XRP for transmitting payments on behalf of their clients. Utilizing XRP for liquidity when transferring a cross-border amount serves commercial organizations bypass the dispute of pre-funding records in target currencies. It enables them to get quicker, cheaper cost fees.
Kaushik Punjani, Director, Euro Exim Bank said
Working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent and xRapid in record time, and we look forward to the benefits these will bring our customers
RippleNet currently runs in more than 40 countries over six regions.
About Ripple xRapid
Ripple xRapid is a cross border payments product that minimizes liquidity costs. It has already been used by various companies such as MercuryFX, Cuallix, and Catalyst Corporate Federal Credit Union.
xRapid removes the demand for a pre-capitalized Nostro account when performing a cross-border payment. It creates liquidity from XRP on exchanges all over the world. Due to this, cross-border transactions happen in minutes and at a lower cost compared to traditional solutions. Traditional methods take days to complete cross-border payment transactions and take high foreign exchange fees.
HOW Ripple xRapid Works?
A payment journey with xRapid looks like this:
- A financial organization links directly to digital asset platforms in both the originating and destination corridors.
- The originating currency is exchanged into XRP which gives the required liquidity to back the final payment and then in seconds that XRP is exchanged into the destination currency in the second digital asset exchange.
- After finishing this transaction, the funds will be sent out on the local rails of the destination country for payout. The transaction is tracked end-to-end, and the result is a cross-border payment that is cheaper and faster than ever before.
Brad Garlinghouse, CEO of Ripple said that
At the end of the day, our goal is to make sure our customers can provide excellent, efficient cross-border payments experiences for their customers, wherever they are in the world.
He further said that the company is now contracting two-three clients per week, and last year observed a 350% rise in clients transmitting live payments.
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