Marjan Delatinne joined Ripple in 2017, as she previously worked at SWIFT for 10 years! Her latest responsibility at SWIFT was to sell GPI. The same GPI platform that was created by SWIFT after Bob Way discussed with the SWIFT CEO what Ripple was doing.
Marjan Delatinne was on stage at the Blockchain Summit last week where she spoke with GTR’s Sanne Wass about two of Ripple’s offerings (xRapid and Xcurrent), Ripple work with banks, SWIFTS global payments innovation and Facebooks Libra announcement.
Marjan Delatinne was asked about the most significant development for Ripple in the past 12 months and as you guessed it – the MoneyGram deal. Here are the key takeaways:
- Ripple committed a US$50mn investment in MoneyGram
- MoneyGram is one of the largest payment services in the world
- Moneygram has a massive footprint on the remittance business.
- Most important – MoneyGram will use XRAPID (XRP)
Marjan Delatinne also touched on the difference between xRapid and Xcurrent. She stated:
The use case that we have around xRapid is that, rather than tying up capital, we reconcile the transfer of the messages and the value itself. xRapid is about sourcing on-demand liquidity. It’s not around trying to push financial institutions to use or buy cryptocurrency, but it’s using cryptocurrency, in this case our native digital asset XRP, as a bridge currency between two fiat currencies. This is helping users to have fast and low-cost provision of liquidity when they need it, without the obligation of tying up capital in advance in pre-funded accounts. xRapid went live last October, so it’s a very new product, but we have more than 20 financial institutions using it
Delatinne was then asked the question: What is it like selling xRapid to banks?
When talking with banks, we still have to ensure that they understand that using this product is not around keeping XRP on their balance sheets. That’s very important for the banks to understand, because they would otherwise have to report that to the regulators…..So there is still a lot of education, but what is apparent with the regional banks and also the payment service providers is that they are hungry for change and for having a competitive edge.
You can read the full interview here: https://www.gtreview.com/news/fintech/ripple-talks-xrapid-swifts-gpi-and-facebooks-libra/