The Ripple company has just announced that it has signed agreements with three important institutions in emerging countries, including China, India and Brazil. Specifically, they would be the Itau Bank (the largest private sector bank in Brazil), IndusInd in India and InstaReM in Singapore.
These institutions have in turn announced their plans for the use of Ripple technology, and in particular the XCurrent product that allows you to provide cross-border payments in real time to other financial institutions around the world.
To these three great institutions are added also other companies, including the Brazilian Beetech and the Canadian Zip Remit. In both cases these are companies with a high growth rate. These are using Ripple’s XVia API to open payment corridors for their customers. In addition, both seek to establish a connection for their customers to China, using the LianLian network, of which we have highlighted the agreement with Ripple.
World Bank data show that global remittance payments grew 3.4% in 2018, with India and China leading the ranking. If we consider this data, Ripple’s agreement can only be considered successful.
According to Patrick Griffin, head of Ripple’s business development team, speeding up transactions at a lower cost is critical to emerging market customers. If, for example, a client working in the USA wants to send money to his family in Brazil, India or China, it is important that financial institutions process their payments as soon as possible.
Speed and lower cost. The recipe really seems to be as simple as it is effective. And banking institutions like it more and more.
The listing of the Ripple XRPs today, however, lost ground compared to yesterday, with a variation of -9.34% compared to yesterday. The same happened to all the other major cryptocurrencies, that look still very connected to the price and fluctuations of Bitcoin.
