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Here is why Peru bank switched from Ripple’s xCurrent to xRapid

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Ripple and its native cryptocurrency technologies have always been considered to create an ecosystem for fast racking cross border transactions. The efforts made by the San Fransisco based company has also resulted in several other organizations jumping on its roster, resulting in the formation of one of the largest partner chains in the digital assets space.

During the ongoing Ripple Swell Conference, several of these partnerships came to light after Ripple’s partners spoke about why they switched technologies. One of the biggest highlights was an official from a bank in Peru, talking about the institution’s switch from xCurrent to xRapid On-Demand Liquidity [ODL].

The banking official stated that the digital assets first gave confidence when multiple countries started considering the industry as a legitimate mode of transactions. According to the banking official:

“We have always worked towards creating a better environment for our users and we give ourselves the room to learn and improve over our mistakes. We initially worked with xCurrent and dedicated the use of crypto for larger sections of the community. We decided to work with Ripple so that we can bring in better business while at the same time create a better user experience.”

Ripple’s xCurrent and xRapid

xCurrent is Ripple’s answer to its main competitor SWIFT’s established messaging system. The technology allows for quick settlement during cross border transactions while at the same time requiring Nostro-Vostro accounts to be held by participating banks.

xRapid is the next step after implementing xCurrent on a particular system. xRapid ODL utilized Ripple’s native cryptocurrency XRP as a bridge asset between multiple support currencies, thus eliminating the need for the aforementioned Nostro-Vostro accounts. The main advantage of using xRapid is that it creates larger savings for banks.

The Peruvian banking official added that by adopting new technologies, banks would be able to expand into regions earlier thought of as impossible. According to her:

“By taking a chance with other companies and newer technologies, it will give us a better edge to stay competitive in the current financial market.”

Several organizations have praised XRP and Ripple with CoinField CEO Bob Ras, claiming that XRP may soon become a global reserve currency. The Canadian exchange had recently built their Sologenic software on top of the XRPL, and Ras reasoned why:

“XRP has proven to be the fastest & cost-efficient blockchain network in the industry. In the meanwhile, XRP ledger provides all the tools to create a financial ecosystem for a modern era.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Faysal Bank Partners with Ripple, Becomes First Bank in Pakistan to Employ xCurrent

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Faysal Bank Limited – which claims itself as one among the premier banks in Pakistan – has penned a partnership with Ripple, the blockchain payment firm. It has now become the first bank in Pakistan to employ Ripple’s technology xCurrent.

First Bank in Pakistan Adopts Ripple

Today, On September 6, 2019, official social media handle of Faysal Bank confirms that they’ve recently introduced digitally enabled solutions for its customers following the partnership with Ripple.

Though the crypto community is quite familiar with Ripple’s approach towards the banks and its partnership with multiple financial institutions so far, for Pakistan, it is the first initiative to work with Ripple.

https://twitter.com/Rockefeller_xXx/status/1169942693855686663

Subsequent to the partnership, Faysal Bank has now become the first bank in Pakistan to sign up a contract with Ripple and to employ xCurrent for its cross-border and other financial services. The bank officially states that the ceremony of a successful partnership between Faysal Bank and Ripple was held in Karachi, the largest business city of Pakistan. The Bank tweeted;

Faysal Bank introduces a digitally enabled solution for its customers through partnering with Ripple. With this partnership, fast, secure and convenient cross border payments can be made. The ceremony was held in Karachi, under the leadership of Mr. Yousaf Hussain, P&CEO- FBL.

What’s More in the Box?

As always, XRP community was quick to react with their positive opinions and also quick research on the latest partnership. While one member of XRP community recalled Ripple CEO Brad Garlinghouse’s statement who once said, “we’re entering the walking phase,” other member said, “Ripple has 250 banks”.

Moreover, Dato’ Arif Siddique – who is according to his Linkedin profile – a Banker, CIO, CDO, digital inclusion innovator, and digital Transformation – says, the partnership will help Pakistanis to access to faster, secure and affordable remittance service from Faysal Bank. Besides appreciation on Twitter, the bank also engrossed many admiring views from the community on Linkedin social media network. One such user on LinkedIn says; “very encouraging to see Pakistani banks Taking such initiatives.”

Founded in 2012, Ripple’s products have become the alternative yet most affordable solution for global banks and institutions in offering convenient cross-border services to their customers.

While Ripple is joining hands with new market players across various countries of the world, it has also recognized as the hottest company in the United States to work. Accordingly, LinkedIn featured Ripple in its yearly list of “50 hottest US companies,” and the recognition was the second time in a row.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple-powered MoneyTap Boasts 29 Banks as Shareholders Now

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Money Tap operated by the Japanese SBI Holding and powered by Ripple blockchain is rapidly growing since going live. Recently it managed to get four new banks on board as shareholders taking the total to 29 banks.

With the influence of Ripple and SBI Holdings, MoneyTap is growing at a good pace and slowly advancing towards global adoption. These four new partnerships with banks (North bank Japan, Awa Bank, Third Bank, and one more bank) are set to provide next-generation financial services for the furtherance of digital currency.

One of Ripple’s leading partner SBI Holdings launched MoneyTap with the collaboration of Ripple. The aim of this network is to provide next-generation financial services via the use of distributed ledger technology (DLT). For running these services MoneyTap will provide financial institutions the support of API connection via the Fintech Platform that is being run by the SBI Fintech Incubation.

More financial institutions are set to join this campaign and take part as shareholders. This will allow these institutions to deliver high customer services with a lot of benefits, including cash. The goal is to contribute to this new digital economic world, promoting new markets and industries while reducing social costs at the very same time.

https://twitter.com/XrpCenter/status/1168217911862841344

With these banks taking part in the Centralized Foreign exchange consortium that was created back in Oct 2016 plans to create such an ecosystem that carries real-time transactions through the blockchain and DLT. Among these participants which include regional cooperations, as well as megabanks, hold almost 80% of the total domestic deposits.

Among these participating firms, five companies – three of them have already been installed which are non-capital participating banks. While on the other side, six firms are getting reading to jump-start with the Ripple-powered platform. In the report published by SBI Holdings, it was mentioned that one of these banks in collaborations will also make a capital investment in the MoneyTap network. However, they didn’t disclose the name of that platform.

Among all these 29 financial networks that are taking part in enhancing the MoneyTap application are the following:

SBI Holdings, Ashikaga Bank, Keiyo Bank, Awa Bank, Kita Nippon Bank, Ehime Bank, Kiraboshi Bank, Sanin Joint Bank, Gunma Bank, Shimane Bank, Shiga Bank, Shimizu Bank, SBI Net Bank, Shinsei Bank , Suruga Bank, Sendai Bank, Seven Bank, Chiku Bank, Third Bank, Toho Bank, Tochigi Bank, Towa Bank, Hiroshima Bank, Fukuoka Chuo Bank, Fukui Bank, Fukushima Bank, Michinoku Bank, Hokuriku Bank.

This is a good sign for Ripple=powered MoneyTap project as it is engaging with more and more banks and financial cooperations. Indeed, being part of the Ripple ecosystem provides it more opportunity to attract more banks. MoneyTap utilizes xCurrent to provide a fast and transparent service for transferring money instantly. Moreover, it provides a very low-cost service, which probably is key for amusing more users to the platform.

MoneyTap doesn’t use XRP but last week SBI Group announced that its shareholders will enjoy dividends in the Ripple’s native token.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Korean remittance service CROSS runs on Ripple; a boost for XRP real life use cases 

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Ripple is the first open payment network in the world which is run by the Ripple Labs. The system is expanding across the globe with its adoption by different financial firms, banks, and exchanges.

The blockchain firm has grown as a promising remittance firm providing service for cross-border transactions. Now, another instant remittance firm, CROSS, has adopted Ripple technology.

About Ripple’s New Instant Payments Partner CROSS

Not too long ago, a new remittance service started in Korea named ‘CROSS.’ It is a global remittance network that provides users with an easy platform to make cross-border transactions.

Using Ripple’s technology makes it send money at fast speed. It provides high security with low transaction fees. Moreover, the key aspect is that it is licensed by the government in compliance with the newly amended Foreign Exchange Act which makes it a reliable network.

At the moment, CROSS (crossenf.com) provides service to several countries including Thailand, Philippines, India, Vietnam, Malaysia. The service will be available in China and Singapore in the coming days. The main objective is to provide service across Southeast Asia, where customers would be able to send money to friends and family.

Using Ripple

CROSS uses Ripple’s technology which allows payments of any size to move rapidly with a secure ecosystem. Ripple has an ideal system for remittance payments, which is one of its key features and this makes it more suitable for networks like CROSS.

https://twitter.com/pollawit2515/status/1154954676149731329

Ripple provides with two major services, xCurrent, and xRapid. xCurrent uses RippleNet, whereas, xRapid uses XRP as a medium of exchange. With the crypto industry revolutionizing the financial (banking) systems, Ripple is ahead from many other systems currently used in the world. That is the main reason why financial systems are adopting Ripple for payment method.

It is good for Ripple as it will have a positive impact on its growth across the Southeast Asian region. The world is moving towards the adoption of a new payment system and Ripple seems to capture this industry with its stupendous technology.

A Boost for XRP

XRP is a core subject to Ripple, as the blockchain firm uses XRP service (xRapid) for the payment method. Ripple’s growth is always key for XRP’s success and its adoption. This is a real boost for XRP real-life use cases, where customers from the emerging markets have a new opportunity to interact with Ripple’s XRP.

XRP is the third-largest crypto in the world and with Ripple assistance, it’s future in the market looks good. Such small developments play a key role in long-term progress. At the time of writing, XRP trades at a price of $0.31029 after going down by 2.56% in the last 24 hours.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Ripple’s XRP price is about to explode. Here’s why

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Ripple’s XRP is one of the leading cryptocurrencies in the world. It holds the third sport by market capitalization, so it’s bigger than any digital asset you’ve ever heard about except for Bitcoin and Ethereum. Besides its sheer size in capitalization, XRP was the most profitable coin in the market for two consecutive years, 2017 and 2018, which is quite remarkable in itself. Just think about it. This coin can return record profits in the best year the crypto market ever had, but also in the worst year. How’s that for reliability?

Things are about to get even better for XRP holders and in this article, we’ll explain to you why.

We start with XRP’s primary use case, which is to eliminate friction in settling international payments between banks. That’s one of the reasons that will drive XRP’s value up in the future. As more banks adopt Ripple’s blockchain, software platforms, and cryptocurrency to carry out this task, they will be using XRP as a mediating coin to settle all their cross-border commitments. That will increase demand for the token dramatically, and markets are all about supply and demand. The more the market asks for an asset, the more valuable it becomes.

Misconceptions about xCurrent vs xRapid

Some of Ripple’s critics like to say that Ripple’s banking partners won’t use xRapid (the platform that settles payments using XRP) because they’re using xCurrent already.

That’s wrong at several different levels.

First of all, Ripple has many strategic partners in the banking and remittances industry. More than 200 hundred all over the world and the list keeps growing. But hardly any of them is actually using xCurrent at all. Not at a production stage at least.

Most of Ripple’s partners have agreed to test the technology and run pilot programs to find out what the advantages in the new technology are and to figure out how to integrate it into its daily business activities. Only a handful of partners are really using Ripple’s technology (and token) at the production stage, and that’s an important fact to understand.

The main difference between xCurrent an xRapid is that xRapid uses the XRP token as a mediating currency between parties. That increases liquidity, speed, and reliability in transfers. xCurrent, on the other hand, is more of a messaging platform that doesn’t really solve the transfer of value problem within the platform. The crucial fact here is that using one doesn’t exclude the other.

And just as vital is this: xRapid is faster, cheaper, more reliable. So as banks try it out and use it, they’re likely to choose the better option, even if they know and like the other one. So there’s no reason to believe that xCurrent users will never adopt xRapid. Saying that they will stick with xCurrent assumes that banks will choose the slower, more expensive option. Only somebody who doesn’t know that banks are always trying to save money could believe that.

Final thoughts

XRP will take off for sure. Not in hours or days, maybe. But this is a project with excellent fundamentals, use cases, and it’s already been the world’s best performing digital coin. It could repeat the feat this year and many times over.

So don’t buy any of the overhype but keep an eye out for XRP. You won’t regret it. That’s what we think as things stand.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.