Ripple has been known for a long list of financial institutions and payment service providers use the network RippleNet dimensions. While the majority of uses, however, the product xCurrent, which uses the XRP tokens, there are at least 10 financial institutions and payment service providers, the use of the product xRapid and the XRP tokens.
Already now Ripple has a large network of over 120 financial institutions and payment service providers. This includes, inter alia, LianLian International, Santander Bank, Rakbank, Standard Charter, AXIS Bank, UBS, UniCredit, Bank of America Merrill Lynch, travel Bank, BBVA (second largest Bank of Spain), Mitsubishi UFG (largest Bank in Japan), SBI Holding and Akbank (Turkey).
The above-mentioned financial institutions are not, however, have in common that they use the Ripple product xRapid. XRapid is a software solution from Ripple based on the Open Source technology of XRP Tokens. XRP is used as a “bridge currency” in this System, On-Demand, to provide liquidity.
In the XRP-controversy is often discussed about whether or not XRP is a real-world application, and from financial institutions or Zahlunsgdienstleistern ever used. Often the question is raised whether the market currencies, capitalization, currently at just under 16 billion euros, ranked 3 of all Crypto for XRP-Token is justified.
Finally, a few partners of Ripple only use the product xRapid and to the XRP-Token, where this is used as a bridge currency. However, xCurrent by over 100 banks and payment service providers is used and tested. To bring some light into the darkness of this controversy, we have compiled all of the partners of Ripple, the use xRapid and the XRP tokens.
Companies that test xRapid:
- Cambridge Global Payments
- Currencies Direct
- IDT Corporate
- Mercury FX
- Western Union
Companies that use xRapid productive, to cross-border payments:
- SBI Vitual Currencies
- Zip Remit
Whether and how quickly this list will continue to grow, and when other partners with the productive operation of xRapid start, remains to be seen. However, the CEO of Ripple, Brad garlinghouse, has fueled, a few days ago, the speculation, as he said on the question of whether and when XRP is used by banks, (freely translated):
We expect that at least one Bank will still use this year XRapid. 100%. Why? It is faster and it is cheaper.
He explained in the Interview that he expects the large banks and liquidity providers, such as Western Union, which have developed decades of their technology, require immediately on xRapid and XRP. In particular, for financial institutions, the need to rely on liquidity providers for cross-border payments, is xRapid be timely, interesting, garling house.
Ripple’s Vision for xRapid and XRP
Ripple wrote in a Blog Post, it is the Mission of Ripple, an Internet of Value by money as quickly as information can move and at little or no cost. Ripple emphasizes that this Vision should, in particular, have for end user a significant, positive impact.
In the context of a study, Ripple has seen the global transfer market and what the long-term effects would arise for families when xRapid would be used.
Transfer payments are, according to the investigation of a gigantic business: The global payments amount annually to almost 600 billion US dollars. With these payments, associated fees amount to nearly 30 billion dollars per year. In addition, Ripple has found that the majority of transfer payments from abroad to people working on families in the developing countries will be transferred. The Top 5 transfer targets of the world: India, China, Philippines, Mexico and Pakistan.
The recently published results of the xRapid-pilot projects have shown that financial institutions could use to save xRapid between 40 and 70 percent of the cost.
The above cost of US $ 30 billion could lead, according to the Ripple to a Savings of 55 percent, with xRapid, a total of 16.5 billion dollars. These Savings could be passed on to the consumer, so the Vision.
According to the account of Ripple could be paid to be 16.5 billion US $ 3,27 billion meals (average cost of 4.13 us dollars per meal), 263,07 million monthly bills (an average of 51,32 USD per month) and Rent for the 49.9 million people (an average of 273,34 US dollars).
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