xCurrent is our core product. We have more than 200 customers using it, and we sign on average three to five institutions a week.
"The use case that we have around xRapid is that, rather than tying up capital, we reconcile the transfer of the messages and the value itself. xRapid is about sourcing on-demand liquidity. It’s not around trying to push financial institutions to use or buy cryptocurrency, but it’s using cryptocurrency, in this case our native digital asset XRP, as a bridge currency between two fiat currencies. This is helping users to have fast and low-cost provision of liquidity when they need it, without the obligation of tying up capital in advance in pre-funded accounts. xRapid went live last October, so it’s a very new product, but we have more than 20 financial institutions using it.
GTR: Speaking about the incumbents. Many banks today rely on Swift for their cross-border payments. You have worked on Swift’s most recent innovation, the gpi, which promises faster settlement times and more transparency. Swift says gpi is successful and now aims to sign up all of its bank members, which is more than 10,000, by 2020. Ripple, meanwhile, has a couple of hundred bank clients. Is Ripple a competitor to Swift?
Delatinne: Personally, because I have been on both sides, I don’t think that we are competitors. We are two different things and at the end of the day, it’s about what brings value to the users. Swift is improving dramatically the way that the payments happen today, but it’s still about the messaging. You still send a message to another party. I don’t call it settlement, because this is not settlement, it’s around the fact that I can send a message in a faster way, and I can track it. This is an improvement from previously, where it could take days. So it is bringing a value.
But it’s still decoupling the transfer of the messages, which are information around the payment, and the value itself. gpi is sending information. But with the distributed ledger, you can make the settlement at the same time.
We are not replacing Swift, as Swift has its own value and I think we can be very complementary. It comes back to what is best for the community and how they can take advantage of both.
GTR: Finally, what are the future plans for Ripple? What will we be talking about a year from now?