All the banks in India are now implementing the latest version of Ripple decentralized financial tool, xCurrent 4.0.
This latest development will boost the utility volume of Ripple XRP, based on the fact that this new tool is integrated with another tool, xRapid, which is also integrated with Ripple native token, XRP.
Considering that India is an emerging market with a population of 1.33 billion people, it is easy to say that Ripple XRP is on its way to massive adoption. India is also the second largest unbanked nation of the world, having all the banks on RippleNet, is a big plus for Ripple.
In a recent India Decentralized application Fest 2019, the software integration engineer at Ripple, Sachin Maheshwari, in his presentation, revealed how Ripple is making an effort to solve the problem of the modern correspondent banking infrastructure.
He went further in his speech to explain the usefulness of Ripple’s three powerful tools, xCurrent, xRapid, xVia. But the company has decided to implement with xCurrent in India.
Benefits of Using Ripple xCurrent 4.0
According to a report, about 50% of all the markets in India are already integrated with Ripple or on the verge of doing so. This will be a good opportunity for new investors and XRP holders as well.
Ripple xCurrent , is a financial tool which enables banks to settle cross-border payment with end to end tracking. Banks can interact with each other through messages to confirm transactions in real-time. Payment information can be communicated by banks to each other during and after transactions.
The current version of xCurrent performs dual functions because it is integrated with xRapid, another Ripple financial tool.
Banks and other payment providers use xRapid to reduce liquidity cost and improve customer experience. Ripple xRapid lowers capital requirement for a pre-funded local account during cross-border payment, to prove liquidity.
The xCurrent, 4.0 which is integrated with xRapid will enable banks and other financial institutions to monitor transactions from end to end and reduce liquidity cost as well. This is yet another move by Ripple to promote crypto institutional adoption.
Recently, Ripple also made known that over 20 financial institutions across the globe are now making use of xRapid.