London-based Euro Exim Bank, which offers financial service for export and import companies, is the first bank to make public that it is using the XRP crypto for cross-border payments.
In a statement on Tuesday, Ripple says that Euro Exim Bank, together with payment startups JNFX, SendFriend, Transpaygo, and FTCS, stand to leverage on XRP for cross-border transactions. Others startups that have signed on to RippleNet include Ahli Bank of Kuwait, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND, and Rendimento.
According to Brad Garlinghouse, the CEO of Ripple, the company now signs two-three users each week. He adds that in 2018, the company witnessed a 350-percent growth in terms of customers sending live payments.
In a statement, Garlinghouse further says:
“We’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity.”
Kaushik Punjani, director of Euro Exim Bank, stresses that customers in his bank have been previously limited from settling transactions swiftly and cost efficiently. He states that the same is true with both major corporations and individual remitters. Punjani also says:
“Working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent and xRapid in record time, and we look forward to the benefits these will bring our customers.”
Remittance service SendFriend CEO and co-founder David Lighto also underscores that the primary benefit for using xRapid is its focus on inexpensive cross-border payments.
He says that leveraging on XRP enables his company to settle transactions in real time, with “lower capital requirements” and lower costs.