The list of Banks partnering with Ripple to capitalize the crypto and blockchain technology is steadily increasing. Meanwhile, the Trade Finance Global has officially integrated the technology. The technology team headed by the Graham Bright is making certain that operations are running without any abruptions.
“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.”
So far, the bank has not revealed any data on real-world transactions sent utilizing xRapid.
xRapid was launched last year to increase the speed of the cross border payments. The procedure demanded the financial establishments like banks to convert their local currency into XRP which were then transferred to the destined countries. Thereafter received currencies would be converted back to the fiat currency.
Euro Exim Bank is headquartered in in St. Lucia and has a representative office in London. The company specializes in “connecting corporate buyers and sellers, enabling businesses to economically and efficiently export and import goods and services.”
According to its website, the bank has a Class A international banking license and is permitted to operate an international banking business from St. Lucia.
Following the mutual agreement of around 200 financial establishments to use xRapid, this year will see the official implementation of the technology, hoped the CEO Brad Garlinghouse.