At the Ripple Regional event held in London at the end of February, the Euro Exim Bank’s Head of Compliance and Operations , Graham Bright, supported the thesis that Ripple products may be crucial for the banks to remain relevant in the future.
Bright stated that Euro Exim chose to turn to xRapid early in order to move funds “as quickly and as cost-effectively possibile”. This is what allowed Euro Exim to increase its own international business.
Always at the same event, Alastair Constance, the CEO of Mercury FX, stated that the xRapid-based payments are a lot faster and a lot cheaper than they would be if they were sent through the old system SWIFT. Moreover, the advantage of turning to Ripple and its products goes beyond speed and transaction costs, it allows business to reach markets that were previously inaccessible.
According to them , more and more institutions will start turning ito cryptocurrency in the near future. The demand for swift cross-border payments is constantly on the rise, with companies and individuals alike searching for ways to send payments quickly and cheaply.
Sending payments via xRapid would eliminate the need for third parties, lowering payment fees.
The conclusion is that the search and demand for this kind of solutions will put Ripple and XRP at the center of this boom.