Ripple’s very famous objective is to use cryptocurrencies and blockchain technology (preferably, its own cryptocurrency, XRP, and its own blockchain technology and network) to make the world smaller by eliminating the friction prevalent in international money transfers.
The California-based company strives to achieve that goal by persuading banks all over the planet to adopt its platform when they settle cross-border payments. And it’s been working very well so far. More than 200 banks scattered around the planet have adopted Ripple’s tech (most of them in testing stages but some of them are actually using it in production).
Three of Ripple’s European strategic partners attended a Ripple event recently where they showed the world how the new technology is helping them to expand globally. We’re talking about TransferGo, MercuryFx, and Euro Exim Bank.
Each of them is using currently using Ripple’s software, platforms and cryptocurrency to make cross-border transactions cheap, quick, and reliable (as opposed to the current standard, the SWIFT system which is neither of those things).
Euro Exim Bank.
We start with Graham Bright, head of Compliance and Operations at the Euro Exim Bank. He represented his company at Ripple’s London regional even where he explained that the bank’s biggest challenge is to make sure that their customer can have a fast, reliable, trusted, and secure service. Euro Exim chose xRapid as the means to achieve that, and Mr. Bright explained why.
“So why did we choose xRapid? We need our clients to be able to pay us in their local currency. It is very difficult for them to get a hold of dollars in some of the jurisdictions which we operate. So we need to make it easy to move funds as easily…and cost-effectively as possible.”
Then there’s Mercury FX, represented by none other than its CEO, Alastair Constance. It’s also using xRapid because it fits with the company’s priority of making its customers’ money move around faster around the world. Mercury FX went for Ripple’s tech because they saw it as the perfect option as both companies share very similar values so Mercury could, at last, take advantage of the blockchain:
Mr. Constance had this to say: “Ripple was very keen for us to trial the xRapid payment process which we very gladly did. And we’ve had great success so far. We trialed several payments to Mexico. [They] were company funds we donated to an orphanage that takes kids off the street and teaches them how to surf…and then we did our first live commercial payments a couple of weeks ago…
The payments are moving a lot faster and cheaper than they would be going through SWIFT.”
Mr. Constance added that Mercury FX is working towards doing international transfers to the Philippines.
TransferGo: Let’s test this thing
TransferGo is using the RippleNet to ameliorate remittances for migrant workers in more than 47 countries around the planet. That needs speed so people can send or receive their money quickly. And the best solution TransferGo has found so far is the RippleNet.
Tomas Snitka, Head of Operations for TransferGo, told the audience how it takes seven minutes to complete a test transaction to India. While that’s very quick and much better than SWIFT, it’s clear that by next year, that will be a long time.
So they want a quicker option and, luckily for both companies, Ripple has it. It’s xRapid, which can do the same trick in less than 2 minutes. Which is why TransferGo is about to start testing xRapid.
- Source: First Appeared Here
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