More Than 20 Global Financial Companies Participated in Ripple's (XRP) XRAPID Remittance System

Marjan Delatinne, the global banking unit manager at Ripple (XRP) said there were more than 20 global business and financial institutions using the virtual currency ripple-based money transfer solution 'xRapid'.

Although large international remittance company Moneygram and U.S. remittance start-up, SendFriend recently decided to participate in using xRapid, other participating companies have already exceeded 20.

Meanwhile, since Delatinne, who mentioned xRapid in May, referred to the product's use agency as 10 companies, the additional 10 companies appear to have recently joined the company. XRP's announcement is based on obtaining permission of disclosing other companies and suppliers that use xRapid. The actual number of companies will increase even more, considering the companies that are currently in negotiation.

Delatinne mentioned, "in the financial industry, we are increasing the awareness of xRapid and we still see a lot of challenges to education and the structure of the system. Yet, what we are sure of is that banks and moneylenders in many areas are motivated to streamline their means of remittance."

In the meantime, the CEO of Ripple (XRP) held his view that while xCurrent is often seen as Swift 2.0 and a competition to SWIFT, he did not consider it a rivarly.

"The xRapid solution at Ripple (XRP) is a different one," said Delatinne, who also worked on SWIFT's new international remittance system GPI. While SWIFT's GPI has many advantages in speeding up the old remittance, he argued that the xRapid offers utility values in regards to the overall nature of payments, which is fundamentally different from SWIFT's market.

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