The first bank to officially adopt Ripple’s XRP-based cross-border payment solution xRapid says it’s just getting started.
Euro Exim Bank’s head of compliance and operations, Graham Bright, told BloxLive TV that the company is exploring how it can use Ripple’s suite of payment technologies to power contracts for instruments like bonds and derivatives.
“Where we’re also moving with this from a fintech point of view is, how can we take our journey even further forward with Ripple. Not just from the payment perspective. Not just from the use of the digital asset. But perhaps we can also – and that’s what we’re investigating at the moment – is how we can embed instructions for bonds, derivatives, foreign exchange, inside a Ripple message so that we can actually put the whole of the contract point for a particular trade or a buy or a sell for a particular commodity inside a Ripple message as well. So it not only carries a payment instruction, but also the underlying contract’s detail as well.