Ripple’s xRapid Solutions for banks has finally been officially put to use by Euro Exim Bank, Daily Hodl reports.
Euro Exim Bank, a UK-based financial giant, focused on providing financial services for export and import companies, has become the first bank to integrate Ripple’s cross-border payment solution xRapid. This is excellent news for the remittance oriented blockchain startup, Ripple.
The bank has experimented with xRapid for some time now and is pleased with the tool so far. The head of compliance at the Euro Exim Bank operations Graham Bright told Trade Finance Global that the institution has successfully rolled out the xRapid to power its services.
He said the bank is looking to provide a frictionless, secure and flawless platform to their clients across the globe. Bright was also confident that applying Ripple’s blockchain tech to trade finance could yield significant rewards. His statement reads:
“Euro Exim Bank are 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. Using underlying XRP digital assets (not mined or subjected to wild price fluctuation) through registered exchanges which minimize liquidity costs, local recipients may be paid in local currency, assisting the secure flow of money and reduce cash flow restrictions.”
The world’s first bank to integrate xRapid
The bank has become the first to adopt xRapid for cross-border money remittance. Dozens of banks have reportedly piloted the use of the xRapid solution, but they have not explicitly started to utilize it.
For now, it remains unclear which countries Euro Exim bank wants to tackle. Also, no information regarding real-world transactions sent via xRapid was provided.
By integrating this product, Euro Exim heads to an interesting direction. And, whether or not other banks will follow suit, is a different matter. Ripple alone is enough to show Blockchain’s potential, but xRapid which utilizes XRP cryptocurrency is just one use case. Blockchain will continue to disrupt the finance industry.
Image from Flickr.