Rajarshi Mitra
Independent Analyst
- Euro Exim Bank, the first bank to officially adopt the Ripple-powered xRapid, has successfully integrated the technology.
- The bank has not yet revealed any data on real-world transactions sent by utilizing xRapid.
Euro Exim Bank, the first bank to officially adopt the Ripple-powered xRapid, has successfully integrated the technology. Graham Bright, Euro Exim’s head of compliance and operations, said that their developers are currently working to ensure the smoothness of the operation.
“We had already created a cloud-based blockchain enabled trade finance application, so it was a quick decision to join other global Ripple participants for the first project, namely using the xCurrent service where institutions are able to instantly settle cross-border payments with end-to-end tracking and visibility.
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 minimise liquidity costs, local recipients may be paid in local currency, assisting the secure flow of money and reduce cash flow restrictions.”
The St. Lucia based bank has not yet revealed any data on real-world transactions sent utilizing xRapid.
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