Trade Finance bank Euro Exim to facilitate payments using RippleNet
Global trade finance bank, Euro Exim is working with Ripple to connect banks, payment providers, and digital asset exchanges via RippleNet.
Euro Exim is a class A International Banking Financial institution incorporated under the revised laws of St. Lucia, which authorizes it to conduct business with third parties across industries worldwide.
The bank has implemented Ripple’s xCurrent and On-Demand Liquidity (ODL) services harnessing Ripple’s technical capabilities and blockchain expertise in trading systems and global payments.
“Through the benefits extended by our partnership with RippleNet, we ensure that our clients will experience security, speed and integrity of cross-border transactions.”, stated Euro Exim in a blog.
xCurrent is Ripple’s enterprise software solution that enables banks to instantly communicate and settle cross-border payments with end-to-end tracking.
Transactions will take place using the On-Demand Liquidity (ODL) platform which uses XRP as the underlying exchange mechanism to lower operational costs and enable real-time local currency payments across emerging markets.
Brad Garlinghouse, CEO of Ripple, recently commented on why big banks aren’t partnering with Ripple, claiming that smaller banks are more interested in partnerships as they are quicker to adopt financial innovation. Larger financial institutions have existing systems in place and as a result, newer players are quicker to adopt platforms such as RippleNet.
Euro Exim is one such example that has been operational for a little over five years and now is in full support of Ripple real-time payments and low liquidity transactions with XRP as the underlying cryptocurrency.