As we reported earlier today, Euro Exim Bank is the first bank to bring in Ripple’s cross-border payment solution xRapid. The financial organisation has said that is also going to be using Ripple’s blockchain technology to test out a new trade financial system. Euro Exim was founded in 2011 with offices in St Lucia in the Caribbean as well as the English capital of London. The bank provides financial services for export and import firms too.
As you may have heard, Graham Bright spoke in a recent interview with Global Trade Review to talk about xCurrent, which is another product from the San Francisco based-firm. As reported by the Daily Hodl, in the new pilot, the bank intends to use xCurrent with Bright saying, “While Ripple has so far focused its xCurrent product on payments messaging only, Bright says the two parties are now preparing to pilot a capability that embeds trade finance instructions into an xCurrent message.”
Bright continues, saying:
“This is similar to what Swift offers today, but on a blockchain-based network that allows for real-time exchange without a middleman. ‘The idea is – apart from just the payment instruction – what if we use the message to transmit a trade finance instruction directly to a counterparty? It could be a letter of credit or a performance bond. Technically you are able to transmit the whole of that message via xCurrent.’”
When it comes to Ripples product, xRapid, Euro Exim Bank has said that they plan to roll out the technology for commercial production in the first quarter of this year. Recently, the bank released a new video to discuss the technologies potential to fuel the next generation of innovative payment solutions.
You can see the video here:
In terms of price, Ripple’s native token XRP is holding steady as the second largest cryptocurrency in the market with a market cap of $12,078,925,207. The price of XRP is currently $0.2934 after suffering a 5.26 percent decrease over the past 24 hours.
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