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Ripple hints at disruption of SMEs, European industries by simplifying remittance and cross-border payments

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Ripple hints at disruption of SMEs, European industries by simplifying remittance and cross-border payments
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Ripple is at the forefront of the payments industry and has disrupted cross-border payments using their proprietary blockchain technology and cryptocurrency XRP. It is now planning to take new strides after the company hinted at a plan to disrupt the SMEs and industrial sector in Europe.

The Ripple insight blog, Just-in-time, details the problems faced by a lot of industry players, including large-scale industries and small-to-medium enterprises [SMEs] with respect to simplified payment solutions and the efficient allocation of monetary resources.

The blog stated:

“… it’s also essential for startups and small-to-medium enterprises (SMEs) looking to compete in a global economy, especially those based in the E.U. Europe’s many frictionless borders allow a business to source supplies from a wide range of countries and have receive them within 5-24 hours.”

Although the sector has developed over the years, it still faces huge problems associated with on-time payments. Delayed payments have the potential to impede the supply and availability of goods. This is an issue that persists with intra-country transfers as well. The aforementioned blog noted this and stated:

“Cross-border payments within the EU sometimes happen quickly but can also take up to 24 hours if the payment was initiated outside regular bank opening hours or if it’s going through a country with slower processes like Spain.”

Ripple and other players in the industry, like the CEO of Tatum Blockchain API, Jiri Kobelka, believe that the next step for these industries is to take up a blockchain-based payments system. Jiri Kobelka said:

“I believe that if more European banks use blockchain for cross-border payments and allow their SME clients to benefit from faster, cheaper remittances, it will shift Europe’s economy to the next level and open the market for opportunities in the international trade.”

Such solutions are slowly gaining more supporters as well, with EU’s Eva Kaili being one of them. Kaili recently pushed for a blockchain-based payments system at a Ripple Regionals event.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.

Ripple

Ripple’s partnership with Euro Exim Bank explores possibilities other than the use of XRP

Namrata Shukla

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Ripple's partnership with Euro Exim Bank explores possibilities other than use of XRP Ripple's partnership with Euro Exim Bank explores possibilities other than use of XRP
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Ripple, the real-time gross settlement system, has been working hard towards the adoption of their native cryptocurrency, XRP. While proponents of other cryptos are working towards increasing the use cases of the coin, Ripple took XRP to the banks and provided them with a liquidity solution called xRapid.

Euro Exim bank, an international financial institution, partnered with Ripple in January 2019 to use its services like xRapid and xCurrent. Head of Compliance and Operations of Euro Exim Bank, Graham Bright, stated in an interview with Bloxliv.tv that despite the fact that he worked with SWIFT for 20 years, Ripple would work as a complementary network to SWIFT.

“I don’t believe Ripple is going to replace SWIFT. Ripple is one of the complementary networks which is going to allow those institutions who need real-time to make use of that. We’re also seeing that SWIFT are changing their network capabilities, so real-time will also be a possibility as well but we may also see Ripple XRP moving across the SWIFT network as a currency when we are perhaps using FX.”

Bright also revealed that Euro Exim Bank will be announcing a cryptocurrency exchange soon and it would list various cryptocurrencies and not just XRP. However, their core business remains trading finance.

He also said that Ripple are trying to expand the usage and not restrict it to just using XRP. Euro Exim Bank is currently investigating how to embed instructions for bonds/derivative/foreign exchange inside a Ripple message, he said.

With the cryptocurrency ecosystem booming, Ripple’s XRP has risen, along with its technological services. As for XRP’s performance in the market, it was falling by 1.03% over the day and was valued at $0.4268 with a market cap of $18.14 billion. The 24-hour trading volume of the coin was noted to be $1.22 billion, as it noted a growth of 6.13% over the past seven days and continued to soar by 0.32% within the hour.





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