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Euro Exim Bank tests luck with XRP-driven XRapid for overseas payment transactions

Fintech gamut symbolizes the progressive enterprises that leverage cutting edge technology to bring-in friendly financial products and solutions that are quite far more agile and pioneering compared to traditional financial institutions.

The latest instance is Euro Exim Bank’s announcement to deploy XRP-driven XRapid and xCurrent for overseas payment transactions. Euro Exim Bank has collaborated with Ripple, to improvise better connectivity with banks, payment providers and digital asset exchanges via RippleNet so as to ease clients’ seamless experience to operate with money globally. 

XRP is the native cryptographic asset of the XRP ledger. In a broader sense of the cryptocurrency industry, it is also referred to as Ripple as they are the parent company.

While the RippleNet is designed to improvise the global network of value overseas payment transfer systems. 

xCurrent is Ripple's response to the Swift mechanism used by financial institutions to process overseas transfers. Financial institutions are enabled to communicate with each other among banking community in real-time that results instant cross-border payment-settlement operations. 

While xRapid is the rationale protraction of the current service. 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.

Speaking in a recent interview, the CEO of Ripple Brad Garlinghouse said: “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.”

Currently, XRP is sliding below while trading at $0.32870 levels to move in tandem with the entire bearish sentiments of crypto-space. 

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -146 levels (which is highly bearish), hourly USD spot index was at 43 (bullish) while articulating (at 13:25 GMT). 

For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

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-1541 %

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-1541 %

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