American Blockchain technology firm Ripple has just announced the release of a new version of its xCurrent product, which features integration with its latest solution for cross-border payments, xRapid.

According to the statement issued by the San Francisco-based startup, the version 4.0 of the aforementioned product will give its users the possibility to complete cross-border transactions in milliseconds, with on-demand liquidity provided by the xRapid technology, which uses the XRP cryptocurrency for that end.

xCurrent 4.0 Features

The latest version of xCurrent by Ripple offers numerous advantages to its customers.

One of them is the addition of the “Bulk FX” function through which, although customers do not join xRapid (for it is an optional feat), they will be able to pre-fund bank accounts for payment in other countries through the acquisition of large amounts of fiat coins, and access a constant exchange rate.

“Enhanced onward forwarding” is another feature of xCurrent 4.0 that will ensure financial institutions that payments reach their recipients by linking an xCurrent customer to a local payment system, a function that SWIFT does not offer.

But perhaps the most notable innovation is the inclusion of “multihop“, which will allow to rebroadcast payments through a user’s chain on the xCurrent platform. In addition, this feature will enable small banks to have the same scope as much larger ones.

xRapid still not so eye catching

Despite the appeal of having both product available in one solution, reality can differ from expectation no more, as there is still a high reluctance to adopt Ripple’s latest solution by banking entities – even if they had it served on a silver platter.

Last September, the most recent version of xCurrent was initially rolled out for Santander Bank, American Express and PNC Financial Services Group – which is comprised of over 100 institutions, among which are banks, remittance agents, payment providers, operators, among others.

On the other hand, payment processor Viamericas was the latest to adopt xRapid, looking to increase their money transfer speeds around the world.

So far, none of the companies that are currently using xCurrent 4.0 have integrated xRapid, however.

Communications manager for the Santander Bank, Ovidio Cordero, said:

“Santander Bank uses xCurrent only, not xRapid or XRP. And the bank has not upgraded so far. Santander does not need nowadays that upgrade to deliver all the benefits of One Pay FX.”

For its part, Asheesh Birla, SVP of the Ripple product, assured that the integration of xCurrent v4.0 with xRapid will depend on whether the xRapid solution is adequate and available in the destination country.