The new era of finance that Ripple can create is being flaunted by Euro Exim Bank these days, to the joy of Ripple and XRP community.
Euro Exim Bank is the very first bank to use xRapid, and they’re proudly exploring the partnership with Ripple.
Euro Exim Bank to use both xRapid and xCurrent
They joined RippleNet in order to provide clients with frictionless experiences to send cross-border payments.
“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 technological capabilities and blockchain expertise in trading systems.”
The bank just released a new video to highlight the tech’s ability to power a new era of innovative payment solutions that can enhance speed, reduce costs and increase transpearncey and security of transacitons.
The bank’s director Kaushik Punjani says the bank will use xCurrent to settle cross-border payments instantly with end-to-end tracking and use xRapid to minimize liquidity costs and also reduce cash flow restrictions.
“Working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent and xRapid in record time, and we look forward to the benefits these will bring our customers,” he said.
Ditching SWIFT for Ripple’s solutions
The bank explained earlier that they have been using SWIFT, the traditional payments system, but they lost a transaction on the network, and that was the moment when they decided that it’s time to move on to more innovative solutions.
Graham Bright, the head of compliance and operations at the bank, has addressed the issue and recently told American Banker:
“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.’”
At the moment about 200 banks and financial institution have joined RippleNet, and Brad Garlignhous predicts that more banks will use XRP shortly.