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Euro Exim Bank joins Ripple


Contributed by Euro Exim Bank
January 30, 2019



Euro Exim Bank implements innovative payment channels with Ripple, connecting banks, payment providers and digital asset exchanges via RippleNet to provide clients with one frictionless experience to send money globally.

Euro Exim Bank is one of the fastest institutions to secure connectivity using a phased project approach, firstly implementing the Ripple xCurrent service, building on its extensive technical capabilities and blockchain expertise in trading systems.  

Through xCurrent, which recently went live, institutions are able to instantly settle cross-border payments with end-to-end tracking.  Payment details are confirmed prior to initiating the transaction through secure real-time messaging and confirmed with delivery information once it settles.

Phase two for xRapid has also started, where Euro Exim Bank is working closely with technical resources at Ripple, implementing the system designed for clients requiring low-value remittances in currencies and jurisdictions typically hit by large exchange costs, requirements to provide costly liquidity and delivery time issues. It will use underlying XRP digital assets (not mined or subjected to wild price fluctuation) to minimize liquidity costs, enabling local recipients to be paid in local currency, assisting not only a secure flow of money but also reduce cash flow restrictions.

 

Tags: currency

 

 

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