As the crypto-market shows some signs of life, some good news beckons for the Ripple (XRP) community. Two more financial institutions have embraced Ripple technologies in a manner that will improve their daily operations tremendously.
The first institution is a UK-based foreign exchange broker and international payment provider known as Currencies Direct. The firm has successfully completed testing of the xRapid platform that uses XRP. This announcement adds to similar announcements made by Ripple with regards to another round of successful pilot tests of xRapid. These tests managed to save the institutions using xRapid at the time, between 40% to 70% in transaction costs and lowered the time of the transaction from the regular 2 days to 2 minutes.
The Chief Product Officer at Currencies Direct, Brian Harris, had this to say about the tests:
Our trial with XRP was a resounding success. We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers.
He would further add the following:
Our goal is to offer the best possible service. We believe that utilising cryptocurrencies in this way – as a transfer of value, rather than as a store of value – is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies and we’re proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers.
Similar sentiments with regards to Ripple products, were echoed by the Kuwait Finance House (KFH) that has recently become the first bank in the country to join RippleNet. In the announcement, the Bank specifically saw RippleNet as the future of international money transfers in situations where time is a factor such as facilitating funds for Humanitarian work.
RippleNet currently has over 100 financial institutions including banks, payment service providers, remittance service providers and other institutions that use the RippleNet for almost-instant settlement of international payments.
In conclusion, the adoption of Ripple products by the two aforementioned financial institutions, is more reason to be bullish about the coin and project. Such capabilities of Ripple were what made the Late Matthew Mellon to invest $2 Million in XRP that would later be valued at close to $1 Billion. Mr. Mellon had seen the future of cryptocurrencies and finance was indeed Ripple and its products.