Vivek Awasthi, the Chief Information Officer at Currencies Direct has been talking about Ripple and xCurrent and how San Francisco-based company is expanding in India. Ripple’s xCurrent allows institutions to track payments and settle them.
Awasthi mentioned that Ripple’s products and services improve remittances and show how this technology is able to improve and enhance customer experience. Basically, Ripple’s products help companies reduce transaction times and costs in cross-border payments.
India is a very important corridor for Ripple, that is not only expanding in Asia but also in Latin American markets. With Awasthi explained that blockchain allows customers to check the status of their funds at every stage.
About it, he commented:
“Our partnership with Ripple showcases the future of international payments and how technology can greatly improve the customer experience. When you think about the vast volumes of money that are being transferred around the world and to India specifically, it’s only right that customers have the ability to check the status of their funds at every stage.”
Furthermore, he went on explaining that there are different roles in the industry that can be benefited with Ripple. Awasthi mentioned that consumers, financial director or controllers want to have visibility of their money at all times. This is why xCurrent is such an important product for companies.
Ripple tested the xRapid product and was able to reduce transaction times and costs between 40% to 70%. This has a direct impact on customers, that will see that they have more accessible services.
Currencies Direct has also tested the xRapid product. The company started working with it back in 2017. Brian Harries, an official that works at the Indian company, said that they were very happy to be one of the early adopters of this technology in the financial world.
Ripple has been working with these products in many countries and with several different companies including MoneyGram or Western Union.