Euro Exim Bank has stated the reason it is using XRP-based xRapid to power cross-border transactions across 80 countries.
According Graham Bright, Euro Exim’s head of compliance and operations who conversed with American Banker, the bank’s transaction on SWIFT’s network got lost this month, giving a clear reason why there is need to shift to new technology like xRapid.
“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.”
While issues like this is not new to SWIFT, the payment network has not devised a solution since. This is no doubt a blessing for Ripple’s xRapid. Unlike SWIFT, Ripple’s xRapid offers instant and seamless payment with clear communication till payment gets to the final destination. SWIFT’s clients are already confirming the outstanding performances of Ripple tools like xCurrent and xRapid.
Euro Exim Leads In xRapid’s Adoption
With Euro Exim’s announcement to power cross-border payment across 80 countries using Ripple’s XRP-dependent xRapid, it becomes the maiden bank to officially deploy the tool.
The bank says it will start using the technology for cross-border payment in few week time. According to Bright, the reason Euro Exim is using XRP digital asset to power payment across 80 countries is to purposely showcase the efficiency and speed of digital currency.
“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.”
xRapid is the tool that is going to kill the widely used SWIFT global network. There is chance for the tool to hijack SWIFT’s nothing less than 11,000 banks and fintech companies that are using the technology.
Ripple’s xRapid gives financial institutions the opportunity to send cross-border payments by using their local currency while the tool gets it converted to XRP through partnering exchanges. For now, Ripple has collaborated with four cryptocurrency exchanges to perfect dealings across different payment corridors.