It seems that one of the bank’s transactions got lost this month on the SWIFT network and this is the main reason for which it’s time to move on to better and safer products such as the tech used by Ripple.
“It was lost somewhere in the quagmire of a central organization, and we have no visibility on where it is. All the counterparty says is, ‘We have not received your message.’” the bank said.
The bank plans to use xCurrent
Euro Exim Bank’s head of compliance and operations Graham Bright told Global Trade Review it intends to use Ripple’s xCurrent to power the new pilot.
“While Ripple has so far focused its xCurrent product on payments messaging only, Bright says the two parties are now preparing to pilot a capability that embeds trade finance instructions into an xCurrent message,” he said.
Bright continued and explained that “This is similar to what Swift offers today, but on a blockchain-based network that allows for real-time exchange without a middleman. ‘The idea is – apart from just the payment instruction – what if we use the message to transmit a trade finance instruction directly to a counterparty? It could be a letter of credit or a performance bond. Technically you are able to transmit the whole of that message via xCurrent.”
Euro Exim Bank also said regarding xRapid that they plan to roll out the tech for commercial production in Q1 2019.
Ripple has been enjoying enhanced adoption of its products since 2018, and the enthusiast community is waiting to see a change in the highly undervalued XRP token as well.