Euro Exim bank has finally integrated Ripple’s XRP-powered xRapid. As a matter of fact, this integration makes it the first bank to officially adopt xRapid. To begin with, Graham said that developers are working round the clock to ensure smooth operations. Meanwhile , the bank has not unveiled any data on real-world transactions sent utilizing xRapid.
“We had already created a cloud-based blockchain enabled trade finance application, so it was a quick decision to join other global Ripple participants for the first project, namely using the xCurrent service where institutions are able to instantly settle cross-border payments with end-to-end tracking and visibility.
Graham further elaborated
Euro Exim Bank are now working closely with technical resources at Ripple, and have successfully implemented the xRapid system for customers requiring low value remittances in currencies and jurisdictions typically subject to large exchange costs, costly liquidity and delivery time and acceptance issues.
xRapid came to light in October. It is regulatory-compliant for banks and financial institutions to use XRP. Likewise, the solution allows companies to first local currency to XRP, send it to a different nation, then again convert it back to fiat. Most importantly, the whole process will approximately take few minutes.
About Euro Exim Bank
Euro Exim Bank specializes in “connecting corporate buyers and sellers, enabling businesses to economically and efficiently export and import goods and services.”
According to its website,
The bank has a Class A international banking license and is permitted to operate an international banking business from St. Lucia.
From Ripple CEO’s Desk
Ripple CEO Brad Garlinghouse expects dozens of banks to deploy xRapid this year. Lastly, with more than 200 banks and financial institutions on board with cross-border payment solution xCurrent, it is likely that the users shift bases.