Ripple’s Partner Says xRapid’s Impact Has Been Monumental, Has More Scope To Grow

By Rishma Banerjee

XRP and Ripple, the network on which it is based, have for quite some time now, captured the attention of crypto experts. They have both entered multiple collaborations in order to integrate cryptocurrencies with real-world industries. Recently, Graham Bright, Euro Exim Bank’s Head of Compliance and Operations and also one of Ripple’s partners, spoke about the impact the company has had on trade and transactions.

Bright said that the major obstacle was to ascertain that the customers can avail services fast and from a trusted and reliable platform. One of Ripple’s main aim is to make cross border transaction feasible, which is also one of the main reasons why institutional investors have flocked to the company. Bright also elaborated that Africa and the Far East are potentially huge markets and many are worried that cross-border transactions cannot occur when the ownership changes. He said:

“What we are solving with Ripple and xRapid is the problem that many large companies are facing right now. Sure, they could have transferred everything on ships or by flight but conducting transactions in the native currency has always been the issue. That is where we step in.”

Bright also why Euro Exim had adopted xRapid. According to him, clients need to pay the banks in their currency and there needs to be a provision with which funds can be moved easily and effectively. He continued:

“Another important aspect in transactions is speed of transmission and settlement. A majority of the people consider low volume and high-value transactions but we want to look at the transactions that need high volume and low value.”

The discussion focused on how trust is an important parameter in these transactions, especially at a time when one bank does not trust another. Bright concluded his discussion by saying that they did not want their customers to send something from one country to another and get hit by a huge amount of tariffs and new trade rules. He said,

“With the xRapid partnership, we plan to include a message that will include not just payments but also trade finance instructions inside the Ripple message. This message will also include airway bills, fund details as well as security.”