At a recent Ripple event, three of the company’s European business partners demonstrated how blockchain technology was helping them expand globally. These three firms were none other than Euro Exim Bank, Mercury FX and TransferGo. Each of these financial services provider is currently using Ripple technology and XRP to overcome hurdles faced when carrying out cross-border transactions. Some of these hurdles include foreign exchange costs and most importantly, time spent processing cross border transactions.
Euro Exim Bank
The head of Compliance and Operations at Euro Exim Bank, Graham Bright, told the audience at the Ripple Regional event in London that their biggest challenge was to make sure their customers got fast, reliable, trusted and secure service. He also explained why they chose xRapid.
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.
The CEO of Mercury FX, Alastair Constance, also explained how xRapid fit in well with their core value of making money move faster around the world for clients. Mercury FX sought out Ripple because they believed the company was the perfect fit when it came to payments on the blockchain. He explained:
Ripple were 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 going through SWIFT.
Mr. Constance also shared that Mercury FX plans on trialing cross-border payments to the Philippines.
TransferGo Willing to Test xRapid
TransferGo has used RippleNet to improve remittances for migrant workers in over 47 countries across the globe. With the need for speed when sending and receiving cross-border payments, RippleNet has provided the best solution for TransferGo thus far.
The company’s Head of Operations, Tomas Snitka, explained that it took 7 minutes for a transfer to complete in a test transaction to India. He however was keen to point out that by next year, that speed will be too slow. The firm is currently looking into using xRapid to settle such transactions in less than 2 minutes.
What are your thoughts on the 3 financial institutions sharing their experiences making cross-border transactions more efficient with Ripple technology? Is this an indicator that xRapid and XRP will be used to settle cross-border transactions on a global scale? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.