Ripple to power a ‘new era’ of innovative payment solutions: Euro Exim Bank
Ripple partnership can power a “new era” of innovative payment solutions, believes the first bank that has started using XRP. In a new video, bank states why they believe so. Euro Exim Bank joined Ripple in order to connect banks, payment providers as well as digital asset exchanges through RippleNet and provide its clients a frictionless experience of sending money globally.
The bank in a video stated that the tech has the ability to create a “new era” of payment solutions with its high processing speed, low cost, transparency and security. Though a number of financial institutions already using xRapid, Euro Exim, the London-based is the first one with a banking license to have used this technology.
According to Ripple, more than 200 banks as well as financial institutions have joined its network and Ripple CEO Brad Garlinghouse expects more banks in future will “flip the switch” and will be utilizing XRP.
The bank believes that collaboratively working with Ripple and by implementing xCurrent [payments processing solution] as well as xRapid [on-demand liquidity solution].
According to DailyHodl report, Kaushik Punjani, the Euro Exim director said that the bank will be using xCurrent to settle cross-border payments instantly, with end-to-end tracking, and to minimize the liquidity costs utilize xRapid and reduce cash flow restrictions.
“As a leader in trade finance solutions for global corporates and fintechs, we are uniquely placed to offer new payment channels and ways to source liquidity. 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,” he said.
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