- Ripple partner Euro Exim Bank has created the trading platform SimpleX based on XRP.
- According to the bank, the XRP Ledger and XRP have the potential to support a global financial network.
Euro Exim Bank has published a report on its partnership with Ripple. As part of the company’s 2020 profile, Euro Exim highlights the importance of collaboration and the potential of the RippleNet. As the report indicates Euro Exim has a particular and bullish interest in the network’s native cryptocurrency, XRP.
Euro Exim and Ripple have built a cloud platform for trading. The platform is known as SimpleX and is used as an extension of the bank’s payment capabilities. It has been created to simplify the creation, management, tracking, costs, and the environment in which corporate transactions are settled. The platform is aimed at small and medium-sized businesses and uses the XRP token:
Euro Exim Bank, facilitators of global trade, is well-equipped to service corporates and SME’s in these unprecedented times, with our innovative blockchain enabled SimpleX trade platform with immutable information gathering and sharing, and supporting Ripple real-time payments and frictionless low liquidity transactions with underlying XRP cryptocurrency.
In this way, Euro Exim and Ripple have created a platform to reduce “the complexities of trade”. SimpleX is a solution that is also used to manage financial trading instruments such as Letters of Credit, Standby Letters of Credit, Performance Bonds, and Bank Guarantees using the capabilities of blockchain technology. Ripple’s Senior Vice President for Client Success, Marcus Treacher, said the following on the cooperation with Euro Exim:
Euro Exim Bank is an innovative company that is incredibly focused on providing their customers with a quicker, cheaper payment experience. By using XRP for on-demand liquidity – as well as xCurrent they are delivering on that promise. We’re excited to have them on RippleNet.
XRP and RippleNet used to simplify banking
The partnership between Ripple and Euro Exim was made public in early 2019. The bank was one of the first institutions to announce that it was using Ripple’s products, and the cryptocurrency XRP to settled international transactions.
The bank claims that it offers its customers a more secure, fast and inexpensive way to send money. Furthermore, Euro Exim Bank was able to “dramatically” reduce the costs of their operations by using XRP as an instant inter-bank communication medium. The bank is less dependent on “expensive fiat money”, as their report states, and has been able to focus on offering financial solutions in emerging markets.
Euro Exim’s Head of Compliance and Operations, Graham Bright, is predicting a “trading revolution” due to the introduction of blockchain technology in the financial sector. On multiple occasions, Bright has highlighted the capabilities and potential of Ripple’s products. His bullish view is reflected very well in the following statement:
Ultimately, the network may also carry the entire range and scope of financial messages. What is essential is that the counter-party understand the format(s) of the key message(s) that contain the supporting documentation.
Successful messaging networks depend on standardisation, rationalisation and re-useability. Ripple’s distributed ledger -based system, in addition to its cryptocurrency XRP, delivers all of these.