An updated version of one of Ripple’s most popular products, xCurrent is being released by the San-Francisco firm.
Named as a rival to the 45-year-old messaging network, SWIFT, the 4.0 version of xCurrent is being more closely implemented with Ripple’s other massive product, xRapid.
By using the cryptocurrency XRP, xRapid can provide ‘on-demand liquidity’ in cross-border transactions according to the company. This means the ability to use XRP as a bridge currency in the middle of a cross-border payment is possible which Ripple says will eliminate the payment processors that are needed to pre-fund bank accounts in destination countries.
Whilst describing the fourth version of xCurrent, Asheesh Birla, Ripple’s SVP of Product spoke to CoinDesk and said:
“What this release enables you to do is that in countries where you think it’s appropriate and xRapid’s available, using your xCurrent software, you can now plug into on-demand liquidity using xRapid.”
With the release of xCurrent 4.0, a spokesperson for the company said that the transition to the new version is currently on-going. Birla didn’t give an exact time period for completing the upgrades but he did mention that xCurrent is on-premise software package’ which means that its tailored to each customer within reason but also noted that any new customers would start of the latest version.
However, Birla did say that the xRapid implementation is completely optional.
“In other countries, where there’s not good regulatory clearance or digital asset infrastructure, you just continue to use xCurrent as-is, with fiat liquidity.”
As of yet, however, no xCurrent users of the new version have yet opted to use the xRapid integration.
CoinDesk reached out to numerous different Ripple customers in regards to the new version of xCurrent. A spokesperson for BBVA (Banco Bilbao Vizcaya Argentaria) said that the bank had tested a Ripple product last year but didn’t say which one or provide an update on the matter.
A corporate communications manager at Santander Bank said:
“[the bank] uses xCurrent only, not xRapid or XRP. And the bank has not upgraded so far. Santander does not need nowadays that upgrade to deliver all the benefits of One Pay FX.”
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