Ripple, the common name for the 3rd largest crypto by market cap XRP, has had a phenomenal few months as financial giants around the world experiment with the company’s products. And, the world’s first bank to implement Ripple’s xRapid, Euro Exim Bank, is praising its new collaboration with the San Francisco-based blockchain startup.
The bank published a new video on YouTube about Ripple’s ability to enable fast and secured cross-border remittances, which are nearly free. According to the financial institution, such a partnership will bring liquidity to its customers and XRP innovation would make a big difference in the current world of global payment.
“Euro Exim Bank has joined Ripple, connecting banks, payment providers and digital asset exchanges via RippleNet to provide clients with one frictionless experience to send money globally. Operating collaboratively with Ripple and selected counterparts, we are implementing both xCurrent [payments processing solution] and xRapid [on-demand liquidity solution] building on its extensive technology capabilities and blockchain expertise in trading systems.”
Kaushik Punjani, director of Euro Exim Bank, said that they have tested both xRapid and xCurrent. Therefore, they will deploy both solutions.
“Working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent [payments processing solution] and xRapid [on-demand liquidity solution] in record time.”
xRapid and xCurrent
xRapid uses Ripple’s tradable token XRP as a kind of a bridge between currencies, providing frictionless experience to send money globally using blockchain. The low-cost liquidity service is aimed at banks and payment providers looking for reduced capital requirements for liquidity.
xCurrent is basically an immutable inter-ledger which allows instant payments. The platform notably doesn’t use XRP to power end-to-end instant payments over RippleNet.
Euro Exim is now among over 200 financial institutions on Ripple’s enterprise blockchain network – RippleNet.