Ripple and XRP have both captured headlines of late with multiple partnerships aimed at integrating cryptocurrencies with real-world industries. One of Ripple’s partners, Euro Exim Bank’s Head of Compliance and Operations, Graham Bright, recently spoke about the company’s impact on trade and transactions.
Bright stated that the challenge was to make sure customers can get fast, reliable and trusted service across the spectrum. Making cross-border transactions feasible has been one of Ripple’s main agendas and many institutions have flocked to the Brad Garlinghouse-led company for the same reason.
The Euro Exim bank official went on to say that Africa and the Far East are huge markets and many are worried that cross-border transactions cannot occur when the ownership changes. He said:
“What we are solving with Ripple and xRapid is the problem that many large companies are facing right now. Sure, they could have transferred everything on ships or by flight but conducting transactions in the native currency has always been the issue. That is where we step in.”
Bright also spoke about the reasons why Euro Exim adopted xRapid. According to him, clients need to pay the banks in their currency and there needs to be a provision with which funds can be moved easily and effectively. He continued:
“Another important aspect in transactions is speed of transmission and settlement. A majority of the people consider low volume and high-value transactions but we want to look at the transactions that need high volume and low value.”
The discussion focused on how trust is an important parameter in these transactions, especially at a time when one bank does not trust another. Bright concluded his discussion by stating:
“We don’t want our customers to send something from one country to another and suddenly get hit by tariffs or new trade rules. With the xRapid partnership, we plan to include a message that will include not just payments but also trade finance instructions inside the Ripple message. This message will also include airway bills, fund details as well as security.”
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