Euro Exim Bank is the first bank to officially accept xRapid from Ripple. Representatives of the bank recently announced that they have successfully implemented this technology into their system.
Graeme Bright, Head of Compliance and Operations, said:
Euro Exim Bank is currently working closely with technical resources at Ripple and has successfully implemented the xRapid system for customers who require small remittances, as well as remittances that are usually associated with large exchange costs, costly liquidity, delivery time and reception problems. Using basic digital XRP assets (not mined and not subject to sharp price fluctuations) through registered exchanges that minimize liquidity costs, local currency can be paid to local recipients, which contributes to safe money flow and reduces cash flow restrictions.
However, to date, the bank does not announce any information about real transactions sent using the xRapid platform. Back in October, Ripple launched xRapid for commercial production. The software solution is designed to enable banks and financial institutions to use XRP. This will allow firms to convert their local currency to use XRP. This basically allows businesses to convert local currency to XRP and send cryptocurrency to another country. Once it arrives at its destination, the digital asset is immediately converted back to Fiat.
Ripple CEO Brad Garlinghouse expects dozens of banks will use xRapid during 2019. So far, Euro Exim Bank is the first and only bank to subscribe to this service.
And what do you think about the future of xRapid?
