Ripple Partner Swedish Bank SEB Reveals Future Use of XRP and xRapid Products

The Head of Transaction Services at the prominent Swedish bank SEB, Paula da Silva, hinted that the institution could possibly use of XRP and xRapid in the future. The information has been released by da Silva during an interview in which she talked about Ripple’s technology.

"Last year there was only one customer on it, now we have ALL SEB customers doing inter-company transfers between Sweden and the US on the #Ripple platform. So we have a couple of billion going through that." – Paula de Silva head of transaction services, SEB @XRPTrump @BankXRP pic.twitter.com/Cz5FabMo2y

— Marijn (@Mmmarinos) November 7, 2018

The main intention is to use Ripple’s products and services for settlement between Sweden and the United States. Ripple provides services to banks and other financial institutions around the world. It is possible to reduce costs and transaction times in cross-border payments.

This is very important for Ripple, a company that is expanding all over the world and working with more than 100 different companies and institutions. According to da Silva, the platform would be used for real-time transfers between Stockholm and New York. That would help clients process real-time transfers between their accounts in Sweden and the United States.

The bank is working and exploring new technologies and Ripple can help to make products more relevant to customers. Da Silva explains that all of their clients that were using the platform were very satisfied with the results.

During an interview with the Banker, she commented:

“Last year, there was only one customer on it then, now we have all customers of SEB doing inter-company transfers between Sweden and the US on the Ripple platform. So we have a couple billion going through that. We are trying to understand how that goes and what we would need to make it happen even better.”

At the same time, she explained that the bank will be working in order to utilize ‘the next step.’ Da Silva could be making a reference to the xRapid product, one of Ripple’s latest products that would allow users to easily transact funds using the XRP virtual currency.

XRP is one of the largest virtual currencies in the market. According to CoinMarketCap, XRP has a market capitalization of $21.42 billion dollars and each XRP token can be purchased for $0.532 dollars.

We're really proud to be working with Paula and her team at SEB. Super results from a great customer and Ripple partner. #internetofvalue https://t.co/dofzGFJZ1V

— Marcus Treacher (@marcus_treacher) November 7, 2018