Ripple XRP acceptance by financial institutions has increased recently. Over fifty more banks in the Middle East have indicated interest in the digital asset. Most of these banks developed interests in the digital currency because of the speed at which transactions can be done at the cheapest rate.
The Chief Transformation Officer at Al Ahli Bank of Kuwait, ABK bank in an interview demonstrated how fast a transaction could be done. In his demonstration, he showed that when a transaction is done in XRP using the phone, everything is completed in a jiffy. Now more banks are joining to test the waters, most of which were using SWIFT network.
During the recently concluded Paris Blockchain week summit, Ripple executive Marjan Delattine, disclosed that about ten 10 out of over 200 financial institutions partnering with RippleNet use XRP.
These banks use Ripple xCurrent to facilitate cross-border payment transactions, which he considers an accomplishment and very encouraging.
Other Reasons for XRP Adoption
Currently, Ripple is undergoing customer integration, this upgrade will enable customers who are using xCurrent to automatically start using XRP.
Ripple’s xCurrent is a decentralized financial tool which enables banks to settle cross border payment with end-to-end tracking. It allows transactions to be monitored from the transferring as well as the receiving end. Banks can communicate with each other to confirm payments and transaction details.
The CTO of Ripple, David Schwartz confirmed on Twitter that there is work in progress concerning the upgrade. When asked on Twitter about the status of xCurrent 4.0, he confirmed that though the process is a complex one, they are working to ensure all customers are upgraded.
The upgrade will enable users to be easily integrated on the platform which was not possible before now. New features will be added to the platform with the existing xRapid support, easier peer-to-peer commute, and Multishop. All of these will be accessible to the customer on the Ripple platform.
This new move will increase XRP adoption by banks and other payment processors who are the major users of Ripple xCurrent.
The future looks bright for XRP because this adoption will have a multiplier effect. Since banks will now be using XRP as they use xCurrent, all their customers will, in turn, transact in XRP on bank apps.