The Ripple has been popular among the banking community as its edge to transact overseas payments swiftly and efficiently is perceived as a competitive advantage, however, the banks have the current SWIFT mechanism (Society of Worldwide InterBank Financial Telecommunications) in place that seems unlikely to lose their importance in the industry so easily.

Ripple's blockchain platform, has now announced that it has intended to expand its venture in South American region. Especially with Brazilian and Mexican banks for the people engaged in remittance market. And, the demand for remittance market by 2020 for instant and cheap solutions in this region grows rapidly.

‘XRP’ that is driven by Ripple announced, in the recent past, that it has invested in Bitso, which is happens to be Mexico's largest cryptocurrency brokers, with an objective of expanding operations in Latin America region with a prime concentration on emerging economies like Brazil and Argentina and that too exclusively into remittance space. Brazil has been the dream destination for the various cryptocurrency businesses, be it for traders, miners or other blockchain operators.

As the data from the World Bank divulge that the international trade involving remittances were valued at $1.93 billion in 2018, wherein, the prospects that is imminent to lure abundant investment inflow from the aspirants and the global remittance is most likely to surge to over $8 billion within next decade or so, ripple appears to be positioned aggressively.

Ripple's raised a mammoth $200 million through Series C funding round earlier this month. The CEO of Ripple, Mr. Brad Garlinghouse, said at the time that he expects the firm's customer base to grow 30-40% and transaction volume to increase over 600% in 2020.

On this perspective, the reputed multinational financial services companies have already become part of RippleNet, such as, Japan’s MUFG bank and Spain’s Santander, etc. MUFG has made announcements of its projects to a develop overseas transaction system between Japan and Brazil by deploying Ripple’s technology.

xRapid is the rationale protraction of the current service for ripple. xRapid also works more similarly to xCurrent. Even so, it requires the XRP as a currency. Where XRP provides the liquidity requirements in overseas transactions. Most importantly, eliminates the need of the expensive Nostro accounts. Mr. Brad Garlinghouse has once said in the past that: “This is consistent with Ripple’s vision of XRP as a fast and inexpensive source of liquidity for cross-border transactions. Instead of banks having to maintain foreign bank accounts, the idea is for them to buy XRP with dollars or euros and rely on local market makers to exchange XRP into local currencies.”