Currencies Direct taps blockchain startup Ripple’s xCurrent for real-time remittances to India

Currencies Direct, a UK-based foreign exchange and payment solutions company, is going to launch a new real-time cross-border remittance to India using blockchain startup Ripple’s solution, Finextra reported.

The company will use Ripple’s xCurrent payment protocol which allows banks to message each other in real-time to confirm payment details before a transaction is initiated and to confirm delivery after settlement. For customers, the solution will enable them to track their payments at every stage.

“xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking,” according to Ripple’s website.

xCurrent also includes a Rulebook that ensures operational consistency and legal clarity for every transaction.

“Our partnership with Ripple showcases the future of international payments and how technology can greatly improve the customer experience. When you think about the vast volumes of money that are being transferred around the world and to India specifically, it’s only right that customers have the ability to check the status of their funds at every stage,” Vivek Awasthi, chief information officer at Currencies Direct, said.

“Whether you’re a consumer, sole trader, financial director or controller, people always want to have visibility of their money and we see xCurrent as a gamechanger for payments.”

The launch will follow a successful trial conducted by Currencies Direct in May 2018 in which it completed an international payment over Ripple’s xRapid platform using XRP.