Three days ago in an interview with Trade Global Firm, Mr Graham Bright (Head of Compliance and Operations at Euro Exim) released some interesting point about Ripple and DLT/blockchain solutions.
These are the point that deserve to be underlined:
1) RIPPLE . Euro Exim Bank have successfully implemented the xRapid system for customer requiring low value remittances in currencies and jurisdictions typically subject to large exchange cost and delivery time and acceptance issue. Using XRP digital asset through registered exchange which minimise costs, local recipients may be paid in local currency, assisting the secure flow of money and reduce cash flow restriction.
2) Blockchain DLT is an ideal mechanism to transfer asset and payments in real time , establish immutable ownership of money, goods or information. Through blockchain technologies with its ability to safely store , and impossibility to add remove or change information without detection.With digital issued and verified identification securely held, financial fraud and risk should be significantly reduced and the risk of anonymity eliminated, eradicating the opportunity for fraudsters to operate in this once lucrative markets.
3) Market opportunities: Global payments are estimated to $2 trillion by 2020, but is still hampered by high fees , best rate setting , risk of fraud , speed, regulation, multiple banking relationship and cashflow impact. DLT could resolve these issue and again offer cost efficiencies and speed.
At the end it seem things are going on . It’s only a matter of time before XRP will be recognised for its importance and utility.