A lot of folks think of India as the the largest inward remittance corridor in the world you know, which it is. What a lot of folks don’t know is that India is also one of the fastest growing outward remittances in the world.Asheesh Birla, SVP Product at Ripple
Asheesh Birla recorded this statement during a discussion session in a web video series, The Ripple Drop. In the first episode, Reinhard Cate, host of the video series, asked Asheesh Birla about the benefits of using xCurrent services and why xCurrent is a game changer for financial institutions in India and other emerging markets? Birla responded;
Well, we are really excited to have Kotak Mahindra on RippleNet and by leveraging xCurrent, Kotak Mahindra can connect with a lot of destinations around the world, faster, with less friction and offer their customers a better experience for both, inward remittances and outward remittances.
xCurrent is the Ripple’s settlement solution for banks that allows banks to send and settle money instantly and with a newly implemented end-to-end messaging tied to the settlement, it creates new levels of transparency. xCurrent as a game changer will allow the bank to connect quickly with the growing number of international destinations and cutting the time of transactions from days to minutes by avoiding the current existing processes, which will ensure the smooth transactions of foreign currencies for the customer.
With $69 billion remittances in 2017, India is the largest remittance economy that makes the Indian banks an ideal partner for Ripple’s cross-boarder payment solutions. Ripple is using RippleNet in partnership with Kotak Mahindra Bank with over 1,300 branches nationwide. Kotak Mahindra Bank will be using xCurrent services from Ripple to allow quicker and more efficient remittance payments to its Indian customers.
While announcing the Kotak Mahindra Bank partnership, Ripple officials stated;
Kotak will use xCurrent to power instant remittance payments into the country. The bank’s customers will be able to settle cross-border payments with end-to-end tracking while slashing time on payments from days to minutes, all at a lower cost.
Launching The Ripple Drop
The Ripple Drop is a new web-based video series launched by Ripple Lab. Its a medium of information sharing between Ripple and the prospective investor and will broadcast biweekly on every first and third Monday of each month. Video series will cover the latest news about the digital currency, technology, products and services, offered by Ripple to its customers. Series will be hosted by Reinhard Cate, the social media marketer at Ripple.
The first episode of the Ripple drop was aired on July 02, 2018, in which host Reinhard Cate, covered many important topics like the importance of liquidity in the trading of digital assets and benefits of using xCurrent services by the financial institutions around the globe, specially in India. He was accompanied by the guests from the company to provide detailed inside perspective of the company’s officials.
Catherine Coley, head of XRP Institutional Liquidity, talked about the importance of liquidity of the digital assets. When Reinhard asked her about the variables involved in impacting a liquid and robust market for digital assets, she explained that the components that take place in the market or make up the market are the speculators and the infrastructure layer, along with liquidity providers and corporate hedging.
That’s huge in the FX [Foreign Exchange] market which allows for two-way flow to occur and it’s really kind of the fundamental difference that digital assets currently are missing.Catherine Coley, head of XRP Institutional Liquidity
In the first episode of Ripple Drop, Reinhard also talked to Jim Chauncey, Head of Talent Acquisition at Ripple, about the new job openings at Ripple’s headquarters in San Francisco. Jim explained the job role of the Senior Program Manager in San Francisco is to support the University Blockchain Research Initiative. The simple yet elaborative description of the job role was that the potential candidate will essentially manage all the relationships with 17 Universities around the Glob and gain the long-term success with the scalability of this program.
New episode of the Ripple Drop will be available every first and third Monday of each month and will contain the most recent updates from inside the company as well as useful insights from the experts at Ripple.