XRP Onboards 50 Banks via R3 Corda Settler & Insitmatch Global as Ripple Adoption Flourishes
XRP integration and adoption is rising with each passing day. Now, a fintech company Instimatch will be further driving this forward as it is currently piloting Corda/XRP support. Zurich-based Instimatch which is an R3 partner develops software to offer streamline trading solutions for debt inter-dealer brokerage.
“Our digital network enables a diverse community of institutional borrowers and lenders to make valuable financial trading connections, securely and intelligently harnessing trades and data to put liquidity to work,”
states the company’s website.
On the website of R3, talking about the project, it shares,
“Inter-bank trading in Intraday markets is made possible with our trading interface. Coupling the DApp with the latest settlement API (R3 Settler/XRP), we are able to offer the high speed of payments necessary for the execution of INTRADAY trades.”
It further details the Dapp that will be implementing R3 Corda in order to offer liquidity that is already tested with banks and generated more than 1 billion USD in volume.
“Our money market offering in R3 Corda is a highly secure, GDPR compliant DApp allowing Banks, Family offices, Corporations, Utilities etc. to exchange liquidity amongst each other. This DApp offers the modern alternative to voice broking and replaces our present, centralized database version which has seen a volume of over 1 Billion USD equivalent and 50 Banks are on-boarded.”
Debajani Mohanty who is working on the project and the implementation of the XRP shared,
“It’s my strong belief that DLT Technology as Corda blockchain and money transfer mechanisms as Ripple together can give birth to many new business use cases which were simply not possible before. Our product is one among them.”
She had further shared her belief that Ripple would “soon” replace SWIFT as “There are many issues with SWIFT for which Ripple was born.” Currently, they are using Corda Settler for instant payments.
As it mentions on the site, the product is currently in the pilot stage so the product is yet to go live. XRP research Center that shared this bit of information further stated,
“Debajani Mohanty (working on the implementation of the Corda Settler/XRP with the instimatch trading platform) confirms the product is being tested by banks and that the production version is expected to be released somewhere between March/April 2019.”
This new solution that is being piloted by Intimacy got the XRP community elated as one enthusiast said,
“Absolutely fantastic. Pushing the network effects from hundreds of different fronts.”
While another one commented,
“Fantastic progress being made building on the tools provided by @Ripple, @inside_r3 and $XRP. Fantastic!”
Just recently, Yoshitaka Kitao, the President of SBI shared his bullish views on XRP that he believes will surpass the market cap of leading cryptocurrency Bitcoin in 2019.
“You can use R3’s ‘Corda’ for international remittance, but Corda Settler and XRP use this because they have high affinity. That’s why the SWIFT partnership with R3 (Corda) is good news that brings bright materials to the market… What I emphasize is to combine R3 and Ripple to make XRP thoroughly practical useable.”