Global Ripple Supplier of Choice and Best Ripple Partner 

Graham Bright is the Head of Compliance and Operations at Euro Exim Bank Whilst the short-term economic prospects for growth across the world are bleak, countries are devising longer term strategies to return to efficient trade and a form of normality. International trade and the ecosystem supporting it is still active, still delivering, still moving funds and still satisfying demand, albeit severely hampered in the short term. And it is precisely this continuity that requires funds, trust, real-time payments and participation across multiple jurisdictions, that has prompted us, Euro Exim Bank Ltd, to examine and implement innovative technologies to not only meet the demands of today’s fragile flows, but position efficient payments, promote competition and guaranteed transaction settlement for the future. Demand for faster processing of payments has grown exponentially. And we have no doubt the advent of COVID-19 will prompt an even faster move away from handling cash to electronic transfers, ultimately signaling the death-knell for cheques and other inefficient payment mechanisms. We see greater use of credit and debit cards, mobile and on-line payment channels, as people buy services remotely, electronically, efficiently and rapidly. This digitalization of the payments process is also becoming common in trade. The traditional use of wet-ink and witnessed signatures on crucial paperwork such as Bills of Lading, and the tedious physical movements of multiple copies of trade documents by courier are coming under intense scrutiny. It is now much more common for staff handling these import presentation documents to be working remotely, and where trust, identity and compliance are even more pertinent than ever. Some time ago our organisation saw the benefit of a more elegant way to ensure payments could be directed in a frictionless way directly into a recipient account. Rather than merely sending a debit or credit advice that required intervention, acceptance and activity from multiple intermediary correspondents as our instruction hopped across many countries (each with their own regulatory and legal conditions), we looked for a mechanism that did not rely on the time-honoured convoluted payments process. We needed to find a service that would allow disadvantaged buyers to compete in often difficult trading areas, where we could negate the problems of excessive fiat currency exchange rates, issues of lack of liquidity, disinterest of local banks to support international trade, and above all the perception that players in some areas were too just too risky to support international business. For us, the answer came in the shape of Ripple, the technology company known for its XRP cryptocurrency, and more specifically for us, its real-time payments network. Communications through other banking networks has always relied on sending messages into the network (where it is safe-stored) for onward sending to counterparties with whom you have established a correspondent link, then allowing exchange of authenticated messages. Successful transmission was based on service level agreements between parties, and as the responsibility for all messaging resides with the sender, in many cases, the recipient has no obligation to pass on messages, or action them when messages they do not deem to be within their business remit are addressed directly to them. This means that like a postal service, there is record of signed delivery, but sometimes dependent on the whim of the recipient, no further obligation to action the message. Crucial payment instructions may be effectively left on the carpet with no recourse for the sender. We saw value in providing a service where the sender could not only ensure and guarantee delivery directly into the recipient account, but have a full, immutable, traceable and auditable view of the transaction, without the cost and time overheads of bank correspondent relationships. We turned to Ripple. What attracted us was their provision of two unique services which allow us to look at the efficiency of payments and liquidity for trade settlement. More interestingly, we came to understand how cryptocurrency (specifically the XRP digital asset) could form the underpinning mechanism for payments in and out of local currencies, without the need for fiat currency such as US dollars, which are inordinately expensive and in short supply for developing and emerging countries. Firstly, the xCurrent service, providing real-time account to account payments, where using the web-based light touch system gave immediacy, trust and guarantee of delivery instantly settling cross-border payments with end-to-end tracking. The immediate benefit of using this technology was in messaging counterparts in real-time to confirm payment details prior to initiating the transaction and then to confirm delivery once it settles. And this process was backed by the solid foundation and application of a Rulebook developed in partnership with the RippleNet Committee, that ensures operational consistency and legal clarity for every transaction. Secondly, ODL – On Demand Liquidity Service. As payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. ODL dramatically lowers the capital requirements for liquidity using the digital asset, XRP, to offer on-demand liquidity, without currency fluctuation, with efficient, scalable, reliable liquidity options to service cross-border payments in often disadvantaged jurisdictions. Apart from being one of the fastest implementers of the Ripple system, our technology team worked closely with Ripple and correspondents offering payment corridors through an original hard coded API version, and recently upgrading to the latest web-based version. Euro Exim Bank and Ripple are intrinsically linked, and whilst there are other payment services available, our partnership, collaboration and usage has assisted our clients globally in ensuring they can transact business as economically, efficiently, rapidly and safely as possible, and we look forward to further volumes increasing as we return to better, where we expect higher volumes with growing consumer expectation and demand. We are delighted and honoured to be recognised for the awards.
... we came to understand how cryptocurrency (specifically the XRP digital asset) could form the underpinning mechanism for payments in and out of local currencies, without the need for fiat currency such as US dollars, which are inordinately expensive and in short supply for developing and emerging countries