The Euro Exim bank, in a recent statement, made it public that it had partnered Ripple to facilitate cross border payments for its customers and the Head of Compliance and Operations, Graham Bright affirmed this in a recent interview with Trade Finance Global stating that the firm has successfully implemented an XRP-powered xRapid blockchain platform.
Euro Exim Partnership With Ripple And the Implementation Of The New Platform
Kaushik Punjani, the director of Euro Exim bank, explained in the release that the firm is working collaboratively with Ripple and selected counterparts. This has seen designing testing and implementing both the xCurrent and xRapid systems in record time. Also, he noted that the firm is looking forward to the benefits these services will bring to its customers.
The purpose of this partnership as noted is to utilize Ripple’s products, xCurrent, and xRapid to help customers source liquidity for cross border trades and to help in facilitating payments.
In a recent interview the Head of Compliance and Operations of Euro Exim, Graham Bright stated that the firm is “now working closely with technical resources at Ripple, and have successfully implemented the xRapid system for customers requiring low value remittances in currencies and jurisdictions typically subject to large exchange costs, costly liquidity and delivery time and acceptance issues.”
Ripple has become prominent in the cross border settlement space of recent because it offers cost-efficient and quicker processing times. The advantages of the blockchain network have endeared it to financial institutions across the globe in recent time as they seek better ways to meet the demands of their customers that are looking to move away from the inefficient and costly legacy banking system.
RippleNet Growth and The xRapid
RippleNet, the payment engine that Ripple uses to facilitate cross border payments on behalf of customers has seen wide adoption. A recent press release from Ripple stated that it now has a total of 200 financial institutions around the world in partnership with Ripple.
In 2018 the blockchain network reported that over 100 financial institutions around the world partnered with the RippleNet. Also, the firm indicated that there was a 350 percent growth of customers last year, sending live payments on the network.
xRapid is RippleNet’s digital asset that aid cash and liquidity on demand for cross-border international payments. This was launched last year, and it’s still yet to see many implementations by firms and listing by exchanges also.