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- The First Bank Using XRP Says Ripple Partnership Will Create a ‘New Era’ of Innovative Payment Solutions
The First Bank Using XRP Says Ripple Partnership Will Create a ‘New Era’ of Innovative Payment Solutions
The first bank to use the XRP-powered payment solution xRapid is touting its new partnership with Ripple.
“Euro Exim Bank has joined Ripple, connecting banks, payment providers and digital asset exchanges via RippleNet to provide clients one frictionless experience to send money globally. 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 technology capabilities and blockchain expertise in trading systems.”
The bank, which has offices in London and St. Lucia, has released a new video about the tech’s ability to power a “new era” of innovative payment solutions that increase processing speed, reduce cost and enhance transparency and security.
Euro Exim director Kaushik Punjani says the bank will use xCurrent to instantly settle cross-border payments with end-to-end tracking, and utilize xRapid to minimize liquidity costs and reduce cash flow restrictions.
“As a leader in trade finance solutions for global corporates and fintechs, we are uniquely placed to offer new payment channels and ways to source liquidity. 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 and xRapid in record time, and we look forward to the benefits these will bring our customers.”
Ripple says more than 200 banks and financial institutions have now joined its network. CEO Brad Garlinghouse predicts more banks will “flip the switch” and utilize XRP.