In an article released by Coindesk recently, it is revealed that Ripple has been rolling out the latest iteration of its xCurrent product, version 4.0. This version sees to more deeply integrate xRapid, the on-demand liquidity platform. So far, however, not many are choosing xRapid integration.
The premise of xCurrent is to rival legacy system SWIFT for fast and cheap cross border payments. What xRapid integration brings is access to a large XRP liquidity pool using several major exchanges. Asheesh Birla, Ripple’s SVP of product, is quoted in the article:
“What this release enables you to do is that in countries where you think it’s appropriate and xRapid’s available, using your xCurrent software, you can now plug into on-demand liquidity using xRapid.”
While this is a promising system, it seems most clients are opting to just use xCurrent with fiat liquidity so far. A spokesman for client Banco Santander explains, saying the bank “uses xCurrent only, not xRapid or XRP. And the bank has not upgraded so far… Santander does not need nowadays that upgrade to deliver all the benefits of One Pay FX.”
While adoption and integration have been a little slow, Ripple is counting on the idea that this will replace SWIFT and be the global payment system of the future. Will this pay off? Stick with Chepicap for all updates!