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.”
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