Ripple is rolling out a new version of the xCurrent product. The new 4.0 version allows companies that use the system to have an easy integration with the xRapid service. Some of the clients that will be benefiting with this upgrade are American Express and Santander.
Ripple Rolls Out xCurrent 4.0
Ripple continues to expand in the cryptocurrency market rolling out the latest version of the xCurrent product. With the latest 4.0 upgrade, institutions will have the possibility to easily integrate the xRapid service. xRapid allows financial institutions to process payments in a fast way and for less money than with traditional platforms such as SWIFT.
Asheesh Birla, Ripple SVP of product, commented:
“What this release enables you to do is that in countries where you think it’s appropriate and xRapid’s available, using your xCurrent software, you can now plug into on-demand liquidity using xRapid.”
The upgrade started in September. Although the xRapid product has proven to be very useful for banks and companies, there are no clients trying to integrate with xRapid. For example, Banco Santander explains that the company prefers to stay with the xCurrent platform for the One Pay FX application rather than upgrading to xRapid.
“Santander uses xCurrent only, not xRapid or XRP. And the bank has not upgraded so far. Santander does not need nowadays that upgrade to deliver all the benefits of One Pay FX,” explained a spokesperson of the bank.
xRapid uses the XRP virtual currency, which is the second largest in the market right after Bitcoin. XRP has a market capitalization of $14.23 billion dollars and each coin can be purchased for $0.035 dollars.
According do Asheesh Birla, companies can trade the originating country’s currency for XRP and purchase the currency of the destination country. In order to facilitate payments in specific corridors, Ripple partnered with Bittrex, Coins.ph and Bitso.
With the xCurrent 4.0 upgrade, clients will also enjoy other features such as multihop or bulk FX. The multihop feature allows payments to be relayed using a chain of xCurrent users. The SWIFT system relays on just a few large money centre banks such as Citi.
The bulk FX feature would also allow customers to purchase fiat currencies in bulk. This would allow them to pre-fund foreign bank accounts all at once and allow customers to have a consistent exchange rate.
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