Euro Exim Bank, a bank based in the United Kingdom will begin to use xRapid, one of Ripple’s solutions and the XRP token in the first quarter of this year. This is the latest success in what has been a successful period for Ripple as it continues to move towards mass adoption as the #1 token for interbank transaction processing.
Euro Exim Bank functions in the world of trade finance, corporate banking and wire transfers. It made an announcement that it will be utilising XRP and Ripple’s xRapid solution before the end of the first quarter of 2019.
Graham Bright, the Head of Compliance and Operations at Euro Exit Bank has said that the bank will enable interbank transfers in more than eighty countries by utilising xRapid and XRP. He said:
“There’s been a lot of talk around the markets about how blockchain technology can assist in trade finance. We’re interested in moving forward and creating a platform for payments for our clients who are in over 80 countries at the moment, making sure they have a smooth, frictionless way of paying local people.”
Kaushik Punjani, a Director at Euro Exim Bank, said the following:
“Our customers – whether big corporates or individual remitters – have historically been restricted from obtaining suitable funds or settling transactions in a cost efficient and timely manner. 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.”
It is positive to observe that after conducting tests on both xCurrent as well as xRapid, Euro Exim Bank made the decision to begin utilising the xRapid solution that is inclusive of XRP. It provides an indication of the ever heightening demand for xRapid and XRP within the community of financial institutions. In June 2018, Brad Garlinghouse stated that more than 12 banks would be using XRP by 2019.
“By the end of this year , major banks will use xRapid as a liquidity tool. By the end of next year , I would certainly hope that we will see…in the order of magnitude…of dozens. But we also need to continue to grow that ecosystem…grow the liquidity.”
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