Opinion: The aftermath of the launch of xRapid, Ripple’s technology to utilize XRP for cross-border payments, has left many retail investors dissatisfied. This is due to the effect that the launch has had on the price, which seems to have continued regular market movement. However, the launch of the product creates an opportunity for the coin to reach the usability that many of the XRP community have been hoping for.
One of the important players for the adoption of xRapid among banks is not only financial institutions utilizing xCurrent, but also a company known as Temenos. Temenos is a company that offers back-end software solutions for banks and works with over 3000 companies worldwide. More interestingly, 41 out of the top 50 banks in the world are its clients, which include the likes of JPMorgan, Banco Capital, and the Bank of Shanghai.
The company also has a partnership with Ripple, providing a valuable inroad into the existing financial system without needing to “get their hands dirty”, so to speak. This will also hasten the development of RippleNet, allowing it to reach critical mass sooner.
Temenos’ latest banking solution known as T24 Core utilizes ledger-agnostic technology developed by Ripple, and they have fully integrated it into T24 by utilizing a feature known as Bluzelle Altitude Gateway. They also utilize an API known as IRIS, which allows customers to process an outbound cross-border payment through their backend, get the best forex rate, issue payments through the Altitude Gateway, and settle and reconcile payments sent through RippleNet.
As Temenos provides a solution for the backend of banks, they will also make it easier for an institution or bank to switch if they want to, as they are already partnered with Ripple. This will allow for a fast and cost-efficient integration with xRapid, further quickening the pace with which xRapid will be adopted.
This can also be combined with Ripple’s efforts, seeing as how the company has been pushing the adoption of their products. At last count, Ripple executive Dilip Rao mentioned that they have signed more than 200 banks as customers to use their product.
SWIFT has also begun implementing the changes required for their GPI upgrade, which is due for launch on November 18th. One of the biggest changes in the platform is the change to UETR or unique end-to-end transaction reference. According to a statement from SWIFT:
“From 18 November 2018 all banks will be required to include the unique end-to-end transaction reference in their payment instructions – irrespective of whether or not they have adopted GPI or are executing GPI payments.”
However, Temenos also promises its clients with updates on time for the same, stating:
“SWIFT message standards for outward and inward messages are supported. Every year, new SWIFT standards are incorporated into our core platform well before the live date, giving users ample time for clients to familiarise themselves.”
This effectively allows RippleNet to plug into the same API through the processing of various payment codes that are integrated into its technology. Moreover, with the launch of multihop payments, xRapid and Ripple have become more of a viable option for banks.
While it is almost certainly impossible for XRP to reach a value of $589 by the end of this year, the quick integration of xRapid and other benefits indirectly offered by SWIFT GPI to RippleNet will ensure that this will prove to be a very exciting year for the third-largest cryptocurrency.