Currently there are a lot of banks that are using Ripple’s xCurrent tech and it seems that they’re looking to upgrade to the company’s product that is powered by XRP, xRapid, says Ripple’s senior vice president of product management Asheesh Birla.
Birla was interviewed by the financial outlet The Banker and they made the interview as a collaboration with Deutsche Bank. The interview recently set the whole Twitter on fire.
According to him, there’s a significant number of banks that are currently considering take a step towards crypto and using xRapid in order to process cross-border transactions.
It seems that some banks are looking to switch to xRapid for the second phase of their projects.
We already know that Ripple developed their tech with scalability in mind.
“To deploy something for Standard Chartered, Santander or Bank of America, our solution needs to scale to hundreds of thousands of transactions per second – this was in the design from the outset,” Birla said.
Ripple’s co-founder Chris Larsen has recently offered a description of how xRapid works.
He explained that it is a component of RippleNet and allows payment providers to lower the cost and liquidity for their global payments.
For instance, it allows a bank that wants to send money to Mexico to use XRP as the immediate currency and they don’t even have to hold the crypto, which makes things really efficient.
Regarding the boost of adoption for its product, it’s also important to mention that Ripple recently added Viamericas to its list of companies that are using xRapid.
Viamericas is the largest company in the U.S. that provides cross-border payment services to 34 countries.