Ripple's VP explain their key products
It seems the Ripple management team has been doing its rounds with different media on a blitz marketing campaign to further publicize its products. After David Schwartz clarified the decentralized nature of XRP and his view on the future of cryptocurrency, another Ripple exec recently appeared in an interview.
Insight into Ripple’s xCurrent and xRapid
Ripple Senior Vice President and Product Management, Asheesh Birla, to take the spotlight and talk about their major products. In a CNBC interview, he discussed Ripple’s xCurrent and xRapid. Birla also discussed the distinction between the company and its widely used cryptocurrency XRP.
He explains how Ripple found the challenge of removing the inherent friction that existed when it comes to cross-border payments. This could be the company's cornerstone in developing financial management solutions. The inception and inclusion of XRP can be attributed to this mindset. Aside from XRP, the company’s drive in creating its key products may also be attributed to this.
This can be seen in xCurrent, Ripple’s first product out in the market. Its main purpose is to give banks the opportunity to make cross-border transactions quick and easy without using cryptocurrency. With xCurrent, banks can instantaneously communicate to confirm payment details to validate transaction authenticity and also confirm settlement after the transaction has taken place.
Another key product Birla talked about is xRapid. This product is geared towards financial institutions that are looking for a way to lower their liquidity costs as well as fast, convenient, and safe customer experience. With xRapid one can send money in U.S. Dollars to a bank in Mexico directly. The xRapid system initially converts the U.S. Dollar to XRP, which will be used as the method of transporting the fund from end to end. When the XRP reaches Mexico, it will be converted to Mexican Pesos and goes into the intended bank in Mexico. The entire transaction will happen in seconds without the need for intermediary banks that could increase the chance of process delay. Many see xRapid as a product that will give its clients an added edge aside from the advantages of international banking.
Ripple technology could be promising, but some individuals with investments abroad are still reluctant to use it because they prefer to use a money transfer solution with a multi-language interface.