Even if Ripple’s payment solutions is already getetestet of a number of heavyweights of the financial industry, there are still major obstacles which prevent further dissemination. The ongoing regulatory uncertainty in many countries, the organization continues to be a thorn in the eye.
Banks hesitate to continue toprovided software solutions for cross-border payments, for example, xCurrent, or xRapid, or other crypto currencies to use, because of the regulatory uncertainty remains in the room. Ripples Director of the Bank, Marjan Delatinne, at the Euro Finance Techn-conference, non-Bank financial institutions and payment providers to use the block chain technology a lot earlier than the banks themselves, due to the lack of regulation around the world (freely translated):
To put it bluntly, not a Bank uses, because, as you probably have heard of is the regulatory framework for the use of digital Assets for banks is not very clear. The payment service provider and some other financial institutions are subject to these obligations.
xRapid is to save, in his opinion, a good way money, and for its customers then an asset a transport medium to provide, if the customer really needs. A Person sends a payment from the United States to Mexico, the process could be as follows: (freely translated):
Let us imagine that you are in the United States. You have 100 dollars and want to send them to a user or a Person in Mexico. So you go to Crypto Exchange, you exchange $ 100 into XRP. And immediately after the XRP was again converted into Mexican Pesos, it is supplied either to the local or to the financial institution that has an account with the crypto-exchange.
This changes so, in fact, the way that the current liquidity is managed. So take advantage of the liquidity only when you need them. And if you don’t need it, don’t use it… So this product is, in my opinion, the ultimate way, as crypto-Assets, or digital Assets, can help the global economy.
Ripple had in October xRapid for use on the. Until today, Ripple has confirmed that three payment providers xRapid test, MercuryFX, Cualix, and Catalyst Corporate Federal Credit Union.