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Ripple News: Euro Exim Bank relies on xCurrent and xRapid

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Ripple News: Euro Exim Bank relies on xCurrent and xRapid

Home News Ripple News: Euro Exim Bank relies on xCurrent and xRapid

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Marcel Knobloch –
28.01.2019

The number of banks increases, the have recognized the potential of Ripple’s software solutions weekly and enlarged step by step the network of partners of Ripple. The Euro Exim Bank intends to use the payment solutions combined for a new type of financial services.

The Euro Exim Bank wants to einsetztn the cross-border software applications xCurrent and xRapid to control a new trade Finance system and to optimize. The new Pilot should immediately be launched, as the head of the Compliance Department of the Euro Exim Bank, Brigt Graham, great success of which promises. It led to Global Trade Review, that the traditional use of xCurrent is to be expanded (freely translated):

While Ripple has focused his xCurrent-product only on the payment, Messaging, prepare the two parties now is to test a function, the trade Finance instructions embedded in a xCurrent message.

This is comparable with what Swift has to offer today, however, a Blockchain-based network that enables a real time exchange without any intermediary.

The technical idea, apart from the pure Transmission of the payment instruction, it shall send a hand Elsa sweisung for the implementation of the counter-party. This can be a letter of credit or a Performance bond. This can be in a xCurrent transmitted message shown in the picture. The Euro Exim Bank wants to bring the operation in the first quarter of 2019.

Bright also describes that xRapid takes on a big challenge, the Swift and the traditional financial accounting that was previously difficult to solve. Banks need to ensure that the implementation of cross-border payments, the liquidity abroad. Swift and xCurrent are sending both Messaging services, the payment contracts. The actual Überwesiung is, however, usually from a Deposit in the case of a Nostro account held with a local correspondent Bank (freely translated):

We are in a number of countries around the world. Due to the risk management in some banking markets, customers can have difficulties, currencies in an efficient manner to their Goods and services the international pay.

The Euro Exim Bank was established in 2011 with Office in London and St. Lucia, and provides financial services for Import and export companies in the world.

Image Credit: Royalty-Free Stock Illustration Number: 782968729 | Immersion Imagery

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