Take a look on Ripple’s growing popularity from global financial services companies

We already reported in our recent post that Ripple has been steadily building an ecosystem, which happens to be a niche in the world of interbank payments. The Ripple company recently announced its collaboration with nearly about 200 clients and foresaw a 350 pct surge in the client base transacting live payments. The company's ability to transact overseas payments swiftly and efficiently is observed as a competitive edge, as a result, banks’ experimentation, if not, complete transformation from its current Society of Worldwide Interbank Financial Telecommunications (SWIFT) system to DLT system.

The gamut of financial services has been targeted market by the US-based start-up with two projects: xCurrent a DLT settlement system for international transactions as well as xRapid, which is an almost similar product, but with the utilization of XRP coins in the facilitation process.

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

Elsewhere, Malaysia’s banking group CIMB has made an announcement that its pact with Ripple with an objective of developing blockchain-driven remittance platform for the South East Asian region.

“Distributed ledger technology (DLT) will help CIMB expand its market share across ASEAN by offering more accessible and competitive services”, Ripple CEO Brad Garlinghouse mentioned.

The other 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. 

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.”

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