A senior Ripple representative said in an interview recently that her company now has over 20 customers using the XRP-based xRapid system. Let us find out more details on this latest news.
Marjan Delatinne who is a head of global banking at Ripple, said that the company currently has more than 20 clients, most of the financial institutions already using XRa-based payment products xRapid. This is significant because xRapid uses the cryptocurrency XRP, unlike the more popular xCurrent.
In her recent interview, Marjan highlighted the use of xRapid and its potential impact on cross-border credit transfers, particularly in those countries with slower processes and more expensive capital flows.
She also highlighted the use cases of xRapid and the potential impact on cross-border credit transfers, especially for those countries where it is slower and more expensive to raise capital. In some payment corridors, traditional transactions would still take 3 to 4 days, for example, Mexican peso or Philippine peso. The ability to procure liquidity on demand via xRapid would provide a “real-time experience” in payments.
In this regard, Delatinne commented:
“When we talk to banks, we still have to make sure that they understand that using this product does not mean that XRP remains in the balance sheet, which is very important for banks because they would otherwise have to notify the regulator.”
According to her – The adaptation of Ripple’s xRapid and XRP is not as fast as expected but the direction seems to be right.
Ripple’s xRapid and XRP have great potential:
Moreover, in a recent interview with Global Trader Review, Marjan has answered many questions regarding xRapid, xCurrent, Swift and Libra. She tried in their answers to make it clear that they were just in the “teaching phase” would be and banks need to understand first, what is the potential of Ripple’s solutions and how they work exactly. Although xCurrent is Ripple’s main product with over 200 customers, Marjan sees the greater potential in xRapid.
Is Ripple in competition with Facebook’s Libra?
Asked if Facebook’s Libra Stablecoin will compete with Ripple, she said the social media giant is following a different path. Facebook wants to replace the banks, so to speak. Ripple wants to work with banks to improve their processes and save costs. Therefore, Marjan sees no danger in Facebook for Ripple and sees it more as an advantage for the entire crypto-space. In addition, Facebook and the Libra project are currently fighting with the US Congress.
On asked about Libra – She said – “Of course at this stage, Libra doesn’t exist. It’s just a whitepaper. But Facebook has started with a vision, and this vision will probably evolve over time, but what we see is that their approach is not necessarily that they are going to work with the financial system. They want to completely transform it and bring a completely different experience.
Our approach is different: we are working with the system, so we haven’t been disrupting only. We are happily working with the banks, the payment service providers and the regulators.”
Ripple’s xRapid is becoming increasingly popular:
Till date, there are following 13 organizations have stated publicly that they want to use xRapid.
Aside from SendFriend and Euro Exim Bank, the other firms include:
– Euro Exim Bank
– Mercury FX
– SBI Virtual Currencies
Euro Exim Bank and SendFriend both announced this recently. SendFriend will use xRapid to make cross-border transfers between the US and the Philippines.
Euro Exim Bank is planning to use xRapid technology to transfer money to about 80 countries. In addition, there is also a partnership with MoneyGram.
Ripple is working actively to open more xorrapid payment corridors after the products have been launched in the Philippines and in Mexico. Ripple partner Mercury FX plans to expand its use of xRapid to the Middle East, Canada, and other 8 countries.