Bitcoin, Crypto currency, Blockchain

Bank uses Ripple’s XRP

The London-based Euro Exim Bank, which focuses mainly on economic Services for Import & Export company, will use Ripples XRP, for Cross-Border payments. On Tuesday, Ripple, announced that the Bank XRP and XRapid will use for the elimination of liquidity problems and the high fees, which in the case of international transactions occur.

RippleNet is now one of 200 customers

Ripple announced a short time ago, the cooperation with 13 new companies for the Ripple network. With companies like Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom, Finance, Olympia Trust Company, Pontual/USEND, and Rendimento. Through these collaborations, the number of RippleNet customers rose to over 200.

Kaushik Punjani, Director of the Euro Exim Bank said,

By working with Ripple and other ausgewähllten partners, it was possible for us, the implementation of xCurrent and xRapid in record time, we look forward to the benefits our customers have.

About Ripple xRapid

xRapid is a product for Cross-Border payments, by means of which liquidity costs can be minimized. xRapid has been used by various companies such as MercuryFX, Cuallix, and Catalyst Corporate Federal Credit Union.

By xRapid no präkapitalisierten Nostro accounts are needed for cross-border payments. This liquidity creates on all stock exchanges in the world. Traditional international Bank transfers take several days and you have to pay high fees and get mostly poor exchange rates. Transactions with xRapid take only minutes and are much cheaper.

How does xRapid?

The expiration of a transaction with xRapid looks like this:

Brad Garlinghouse, the CEO of Ripple said,

At the end of the day our goal is to provide our customers, no matter where you are in the world, properly functioning Cross-Border payments.

Also, garlinghouse said that his company acquired two to three new customers per week. That last year was an increase of 350% in terms of new customers and the Live payments.

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