Latin American Banks Are Reportdly Exploring Ripple’s Cross-Border Payments Tech
Ripple and its digital asset XRP have been achieving a lot of success this year, but what the enthusiasts are waiting for is that XRP mirrors the achievements in its price.
Exploring Ripple’s solutions for cross-border payments
Ripple is in the news again after a pair of banks in Latin America has started to explore the adoption of Ripple’s cross-border payments technology.
Banesco Panamá and Scotiabank Chile are both testing the ways in which they can move capital via Ripple’s xCurrent, according to the financial news agency iupana.
The report says that Banesco Panamá has started to work with regulators in order to make sure that it’s fully compliant and is also taking a look at the digital asset XRP to move money across borders.
“Banesco is aiming to roll out the technology between the banks in its group – covering the Dominican Republic, Panama, Portugal, Puerto Rico, Spain, and Venezuela…” according to official notes.
They continue and say, “Banesco’s proof of concept used the xCurrent network for the funds transfer, seeing the use of Ripple’s cryptocurrency XRP as being a step further than it is comfortable with.”
They continued and said, “Once integrated into the Ripple network, Banesco aims to initially offer blockchain-based transfers only between banks in the group. That’s because Banesco needs to strike a deal on rates and exchange rates bilaterally with each recipient bank.”
Scotiabank Chile also tests international payments with Ripple. They believe that Ripple’s payment network works well, as the Daily Hodl reports.
Euro Exim Bank is exploring Ripple’s tech
In other news, it was recently reported that Euro Exim Bank, the very first bank that decided to adopt the XRP-powered xRapid and ditched SWIFT, is exploring more of Ripple’s tech.
The head of compliance and operations at the bank, Graham Bright said that they want to take their journey with Ripple much further: “we can also embed instructions for bonds, derivatives, foreign exchange, inside a Ripple message.”
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.