xRapid Product and Ripple Could Increase Adoption in the Near Future
Not every investor behind Ripple is satisfied with how Ripple managed the launching of the latest xRapid product that uses the XRP virtual currency. Some users were expecting the price of XRP to skyrockets, something that did not happen after the product was launched the last month. Nevertheless, some days before the launching of this product, XRP experienced an important price increase.
xRapid is a product that will be used by banks and other financial institutions that want to send and receive payments in a simple and fast way. Among these institutions we find a company known as Temenos, which offers back-end software solutions for banks. At the moment, Temenos works with 3000 companies around the world. Some of the banks it works with are JP Morgan, Bank of Shanghai and Banco Capital.
The company is already working with Ripple improving the presence that it has in the current financial system. The main intention is to help RippleNet become adopted all over the world sooner than later.
Temenos offers a banking solution that is known as T24 Core and it uses a ledger-agnostic technology that has been developed by Ripple. Using the Bluzelle Altitude Gateway, it was possible to integrate both the T24 Core and the ledger-agnostic technology developed by Ripple. Furthermore, it uses an API that is known as IRIS and allows customers to process cross-border payments using their backend.
This integration for banks would allow for a fast and cost-efficient integration with xRapid, allowing Ripple to be adopted even much faster than at the current rates.
Temenos explains that clients will have updates available:
“SWIFT message standards for outward and inward messages are supported. Every year, new SWIFT standards are incorporated into our core platform well before the live date, giving users ample time for clients to familiarise themselves.”
That would help RippleNet to be connected to the same API using the processing of several payment codes that are integrated into its technology. Ripple and xRapid will clearly become a viable option for banks in the future.