UK Based Euro Exim Bank Will Start Using XRP for Cross-border Payments

Euro Exim Bank, a UK based financial institution, will start using Ripple’s solution xRapid and the XRP token in Q1 2019. With that, XRP continues its successful path to mass adoption as the ultimate token for interbank transaction processing. 

On the 9th of January, Altcoin Buzz already reported that Flash FX, a payment transfer platform from Australia, started using XRP. It was one of the 5 new Ripple partners that decided to start with Ripple’s xRapid solution. One of the other new Ripple partners that will start using XRP is Euro Exim Bank.

Euro Exim Bank, which operates in the worlds of trade finance, corporate banking, and wire transfers, announced that it will use XRP and Ripple’s xRapid software before the end of Q1 this year.

Graham Bright, Head of Compliance & Operations at Euro Exim Bank, said that with the use of xRapid and XRP, the bank will facilitate interbank transfers in more than 80 countries. Bright stated:

“There’s been a lot of talk around the markets about how blockchain technology can assist in trade finance. We’re interested in moving forward and creating a platform for payments for our clients who are in over 80 countries at the moment, making sure they have a smooth, frictionless way of paying local people.”

Interestingly enough, Kaushik Punjani, director, Euro Exim Bank, said the following:

“Our customers – whether big corporates or individual remitters – have historically been restricted from obtaining suitable funds or settling transactions in a cost efficient and timely manner. Working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent [payments processing solution] and xRapid [on-demand liquidity solution] in record time.”

It is good to see that after testing both xCurrent and xRapid, Euro Exim Bank decided to start using the xRapid solution that includes XRP. It gives an indication of the increasing demand for xRapid and XRP amongst financial institutions.

In June last year, Brad Garlinghouse already said that over a dozen banks will be using XRP by 2019:

“By the end of this year [2018], major banks will use xRapid as a liquidity tool. By the end of next year [2019], I would certainly hope that we will see…in the order of magnitude…of dozens. But we also need to continue to grow that ecosystem…grow the liquidity.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here