Two Latin American banks, Banesco Panama and Scotiabank Chile, announced testing of the Ripple xCurrent solution for international payments and transfers.
It is reported that Banesco Panama works closely with regulators from different countries in the region to ensure the solution meets the requirements of regulators.
Local source iupana writes: “Banesco is going to deploy a solution between the banks of its group in different countries – the Dominican Republic, Puerto Rico, Panama, Spain, Portugal and Venezuela. To confirm the conception was utilized Ripple xCurrent solution and XRP. After being integrated in the XRP network, the bank plans to apply the solution exclusively between the banks of its group, since it is necessary to agree on exchange rates.”
Besides, Scotiabank Chile also tests international payments using XRP technology. At the same time, as Vice-President of the Bank Daniel Kennedy noted that the XRP solution works very well. However, much job remains to be completed to implement the solution. Kennedy mentioned:
“After we complete this, the process will become much more productive. You can have only 1 account. If you have a business in Chile and customers in Lima, Peru, then they will be able to transfer deposits to your account – simply transfer them to the account with the same number and they will be transferred. However, we’re still working on this.”
Interestingly, Western Union tested the XRP startup solution and determined that it was five times more costly to make transactions with it than with centralized solutions.