Euro Exim Bank: 1st bank to use xRapid

[Stedas 721]

** CONFIRMED 1st BANK TO USE XRAPID **

"Working collaboratively with #Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent and xRapid in record time..." K. Punjani, Director

This is the 1st bank that is officially confirmed by Ripple to use xRapid (XRP)

 

 

[Guest]

they should get, like, a medal or badge or something

[WillGetThere 334]

Great news, esp in the first days of the year. 

It won't influence XRP price significantly from use case driven demand point of view but its definitely positive news. 

Crawl, walk, run...

[Julian_Williams 14,693]

5 minutes ago, WillGetThere said:

Great news, esp in the first days of the year. 

It won't influence XRP price significantly from use case driven demand point of view but its definitely positive news. 

Crawl, walk, run...

yes but this is only one of five announced by Ripple - the full list was 

Quote

JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will leverage the digital asset XRP to source liquidity on-demand when sending payments on behalf of their customers.

 

[Guest]

4 minutes ago, Julian_Williams said:

yes but this is only one of five announced by Ripple - the full list was 

 

I think the key word is Bank or am I confused here.

Edited January 8, 2019 by Guest

[Julian_Williams 14,693]

8 minutes ago, RikkiTikki said:

I think the key word is Bank or am I confused here.

you are right it is the only bank on the new list - although two days ago we had what looked (not fully confirmed) like an announcement that Kuwait Finance House were using Ripplenet  to send to  Al Rajhi Bank.

[XRPanda 7,543]

moonsoon@noon?

[AlbertStroller 130]

I'm taking credit for this. I finally caved in and criticized Ripple/Treacher then the universe goes and does this & makes me look like a t**t.

Nice news.

[DreXRP 4,099]

"There’s been a lot of talk around the markets about how blockchain technology can assist in trade finance,” said Graham Bright, head of compliance and operations at the bank. “We’re interested in moving forward and creating a platform for payments for our clients who are in over 80 countries at the moment, making sure they have a smooth, frictionless way of paying local people.”

https://www.americanbanker.com/news/could-ripples-xrp-replace-correspondent-banks-this-bank-says-yes

[WuWei 1,459]

"....moving forward and creating a platform for payments for our clients who are in over 80 countries..."  As these bridges get built, the xrp network's utility is going to multiply quickly. This will build liquidity as well as attract others looking to capitalize on international trade and/or services. What a perfect 1st bank to announce: #1. they're in Europe and this serves as a wake-up call to our regulators for clarity. #2. Euro Exim is perfectly positioned to showcase the benefits of xrp use; with customer connections in over 80 countries - That's a lot of countries!  #3. Last but not least: the synergy of their slogan - "Facilitating Global Trade."  Once SBI goes live with xrp, I believe that the "fireworks" that many of us have been eagerly awaiting, will be soon to follow.....crawl, walk,.....soar!

[BruceWhale 4,341]

Banks will never use Xrp

[orcablue 509]

Big like. The first of dominoes. Well done Ripple and XRP. 

[DreXRP 4,099]

Why Euro Exim Bank is all in

Euro Exim Bank became interested in Ripple when some executives were invited to the company’s Swell conference in San Francisco last October. “We realized the type of companies there were very forward thinking in the innovation they were putting in place,” Bright said. “We saw the technology would let us easily and quickly originate payments without having bilateral relationships.” The bank also liked the idea of receiving an audit and record of everything happening on the network. “That visibility is so important,” Bright said. In contrast, in an interview on Jan. 4, he noted that his bank had sent a payment instruction to another bank on Dec. 29 across the Swift network and still didn’t know where it was. “It was lost somewhere in the quagmire of a central organization and we have no visibility on where it is,” said Bright, who worked at Swift for 20 years. All the counterparty says is, " 'We’ve not received your message.' ”

Euro Exim Bank plans to start using XRP in cross-border payments in the first quarter of this year. It hopes to not only be the first bank to use XRP and xRapid in cross-border payments, but to help other banks take the same path.

https://www.americanbanker.com/news/could-ripples-xrp-replace-correspondent-banks-this-bank-says-yes

[XRPfan_Eelco 85]

Thanks @DreXRP. Nice information.

Also this part I really like "we have designed, tested and are implementing both xCurrent and xRapid in record time" . That could become really good marketing and the client a key reference in the coming period.

Looking forward to the next steps on their roadmap. 

 

[aurorakz 8]

It was long way from Ripple will never be used to XRP is going to be used by bank in Q1 2019. I bet most do not realise how huge is this achievement.