Banks and financial institutions are adopting it whilst others are already using it, and most if not all will use XRP in time.
The speed of transactions of XRP is in seconds compared to 3- 5 business working days.
Some interesting potential possibilities that have been discussed in the community about XRPS future….
- XRP will become the world’s currency reserve.
2. Ripples XRP escrow or a large percentage will be signed over to the IMF or the World Bank.
3. XRP will become the global standard for the exchange of value through the Internet of Value web.
The McKinsey assessment gave high marks to Ripple and in light of Ripple being elected to the Federal Reserve’s Faster Payments Task Force Steering Committee and their close workings, with high-level officials across the world plus the Bank of England testing it for six months it is easy to see as the months unfold and more and more institutions come on board that XRP could become the world currency reserve in the future.
Ripple’s approach to adoption is:
1. Get the banks to use their ledger software to send fiat money (without necessarily requiring XRP), instead of the SWIFT way. This step is important because it doesn’t radically change the way banks do things today, but it does give them some very valuable tools and real-time information about their money transfers. This is what most Ripple-partnered banks are talking about when they say they are using Ripple’s products. What also comes with this software is a Ripple feature called xRapid, which leads us to step.
2. Once banks are integrated, they will have the choice of using XRP via Ripple’s xRapid feature. They don’t have to, but they will want to in the end.
The first step puts the option to use XRP right in front of the banks. While at this time XRP may seem irrelevant to their existing infrastructure, it will be easy to start using XRP.
Why would a bank want to use XRP then?
- It would take very little effort to start using the integrated xRapid feature.
- They would save an additional 30% on transfer fees.
- Their competitors are using it, undercutting them and taking business away.
- Eliminates Nostro accounts.
Using XRP eliminates the need for Nostro Accounts
Billions and billions of dollars are sitting in foreign bank accounts that are required for swift and even Ripple’s messaging software can be recouped and reinvested by the banks, allowing them to make billions more from that money and not only will that money be freed up, but money that is currently locked in-transit for 3–5 days during swift transactions, trillions of dollars, will also be freed up so the recipient can spend that money again immediately.
Instead of just a transaction per week, that same money can be re-used for potentially thousands of transactions a week and millions upon millions of transactions in a year.
Disclaimer: This is for discussion and educational purposes only. We do not provide any projections or guarantee, investment advice and no information or material on the TitanXRP.com is to be relied upon for the purpose of making an investment or other decisions. You should thoroughly review any information with your financial, legal and tax advisor and conduct such due diligence as you and they deem appropriate.