How Currencies Direct uses Ripple to navigate the FX market

Moving beyond the pilot: Ripple to help SME imports and exports

by | July 2, 2018 | bobsguide

Earlier this month Currencies Direct announced the “resounding success” of using xRapid (commonly known as XRP) to make near immediate payments, serving as a proof of concept that spells greater collaboration between the international money transfer company and Ripple, as Ripple expands its use case to navigating the FX market.


It adds fuel to the Ripple/SWIFT debate which intensified at Money20/20 as Brad Garlinghouse, Ripple CEO, said that the young blockchain firm was becoming a “SWIFT 2.0”.

But it’s easy to get carried away with rhetoric, says Brian Harris, chief product officer of Currencies Direct.

“When you get into public dialogue,” he says, “there’s always this assumption that the rise of something means the demise of something else.

“It’s a huge market and Ripple has a unique opportunity to use its underlying technology to service and own parts of the vast ecosystem. That doesn’t mean SWIFT gets displaced.”

The pilot saw Ripple’s XRP platform used to make international money transfers in seconds as opposed to the traditional three to five days.

“Our critical outcome for the pilot was ensuring our customers got the same value in the transfers that we committed to,” Harris says. “For me, XRP is a transfer of value and it’s less about the underlying token, currency or asset, and more about speeding up a process and providing transparency.”

Hailed a “game changer” by Harris, the pilot gives Ripple further momentum as it strives to break through the proof of concept stage towards beta testing.

While both Western Union and MoneyGram have already piloted Ripple, Harris is optimistic about the partnership for the future. When asked if Currencies Direct had any plans to roll out a beta or alpha, Harris says “We’re reviewing next steps.”

Categories:

Resources

How Zirtue keeps relationship based lending honest and safe

Case Study | Payments How Zirtue keeps relationship based lending honest and safe

Sift

How Zirtue keeps relationship based lending honest and safe

Since using Sift, I can now tell at a moment’s glance whether an account is fraudulent thanks to the data… Continue Reading

View resource
Intix helps banks mitigate new transparency risks in cross-border payments

Best Practice | Payments Intix helps banks mitigate new transparency risks in cross-border payments

Intix

Intix helps banks mitigate new transparency risks in cross-border payments

Transparency in payment processing introduces new risks – Are you protecting your reputation?… Continue Reading

View resource
Account Payables and Supplier Invoices Reconciliation

Best Practice | Payments Account Payables and Supplier Invoices Reconciliation

ReconArt

Account Payables and Supplier Invoices Reconciliation

The Supplier submits a list of transactions and the outstanding balance of unpaid invoices for a given period. The Buyer’s… Continue Reading

View resource
Real-time payments tech put pressure on banks

Best Practice | Behavior detection & predictive analytics Real-time payments tech put pressure on banks

Intix

Real-time payments tech put pressure on banks

The transformation to real-time has seen the market modernise, but there is a further need for banks to have the… Continue Reading

View resource