Euro Exim Bank, a London export and import bank, has publicly announced the use of Ripple cryptocurrency (XRP) for cross-border payments, as reported by CoinDesk.
On Tuesday, January 8, Ripple announced that Euro Exim Bank, along with JNFX, SendFriend, Transpaygo and FTCS payment startups, will use XRP for cross-border payments. In addition, companies such as Ahli Bank of Kuwait, BFC Bahrain, Connect Pay, GMT, WorldCom Finance, Olympia Trust Company, Pontual USEND and Rendimento have already joined RippleNet. As reported by CoinDesk, now Ripple already has more than 200 corporate clients worldwide, 80 of which are European.
Ripple Banking Financial Partners
Last week, Ripple CEO Brad Garlinghouse announced that the company is currently signing two or three new contracts a week. Recall that in 2018, the number of Ripple clients increased by 350 percent.
"We noticed that more and more customers are switching to fast cross-border payments (...) using XRP to ensure liquidityLiquidity
– is a term that means the ability to sell any financial assets (below or above the market price). The term “liquidity” in Latin means “liquid”, “flowing”.Details requirements (...) Today our company has two or three new customers every week. These are good performance, but soon they will be even better." – Ripple CEO Brad Garlinghouse.
Kaushik Punjani, director of Euro Exim Bank, noted that the bank’s customers were limited in quick and cheap payments and transfers. The problem of slow, expensive cross-border payments extended to large (corporate) customers, and to individual senders. Using the Ripple money transfer system, Euro Exim Bank hopes to reduce the commission and increase the speed of transfers.
"Working together with Ripple as financial partners, we developed, tested and implemented new xCurrent and xRapid translation systems in record time (...) we are counting on all the benefits they bring to our customers" – Kaushik Punjani, director of Euro Exim Bank.
Euro Exim Bank of London began to use the Ripple payment system for cross-border payments, but this is not the first banking client of a crypto-company. Although the only one that has several international licenses. Recall that many other companies have also started using the xRapid payment system. Payments are made using XRP cryptocurrency for international transactions. Recent corporations that have joined the project: MercuryFX, Cuallix and Catalyst Corporate Credit Union.
Editor: Yulia Krasnaya