Global trade has embraced the future but global payments systems have not. This means expensive transaction costs and unbearably long transaction times, which need to change!

That’s why we at Euro Exim Bank have partnered with Ripple; a blockchain based financial settlement system that is reliable, secure, cost efficient and incredibly fast. Blockchain technologies will play a huge role in the future of financial services due to its many benefits over traditional methods and by joining the Ripple global payments community, Euro Exim Bank is geared for that future.

How is Ripple Different?

Ripple is a complete transformation from archaic global payments networks and allows money to move globally, just like information does – quickly, instantly and economically. Payments are made and settled using the cryptocurrency XRP (Ripple) over the Ripple Global Payments community network.

Why Ripple?

Low Commission, Easy Foreign Currency Exchange – Many foreign currencies, particularly from emerging markets, cannot be directly converted into each other. Traditionally, conversions are made by first converting one currency into USD and then converting the resulting USD into the destination currency. This involves high transaction costs and commissions. But now, with Ripple, there is an alternative; XRP can be used as the middle currency to complete the transaction faster and with lower transaction costs.

Faster Cross Border Transactions – Traditional payments networks can take up to 3 to 5 working days to complete an international payment. With Ripple, it only takes 3 to 4 seconds, which is the fastest amongst cryptocurrencies, with others like Bitcoin taking hours.

Payment Ecosystem – Recipients of payments in XRP can opt to retain funds in XRP to settle future payments of their own within the network.

Holistic Payments Process – Ripple provides for rich information exchange, liquidity and currency conversion.

Ability to Embed Trade Finance & Other Financial Messages – The Ripple network provides for real-time detailed messaging that will allow banks to embed letter of credit and any other financial instruction within the payload of the message, for more automated processing at the recipient’s end.

Regulators Will Prefer Ripple – The network allows for near instant transfers, which vastly reduce liquidity and credit risks, which makes the technology appealing to regulators.

How Ripple Works

There are two main Ripple services that we use: xCurrent and xRapid


This is Ripple’s enterprise software solution that allows us to instantly communicate internationally and settle cross-border transactions, with end-to-end tracking. Banks on the Ripple network can use xCurrent to message each other in real-time to confirm payment details prior to initiating transactions and then confirm delivery once the payment is settled. The system includes a rulebook that has been developed in partnership with the RippleNet Committee and this ensures that operational consistency and legal clarity for every transaction is maintained.


We use xRapid to minimize our liquidity costs and to fund cross border transactions, which provides our customers with a higher quality of service. Cross border payments, particularly into and out of emerging markets often require banks to maintain pre-funded local currency accounts around the world, which results in high liquidity costs.

xRapid, uses the Ripple network and the digital asset (cryptocurrency) XRP to provide on-demand liquidity, which dramatically reduces the cost of liquidity while at the same time allowing for real-time payment settlement virtually anywhere in the world.

Ripple Has Transformed Our Business

Our reliance and investment in the Ripple network and blockchain technology is allowing us to provide high-quality, standard, fast, cheap, transparent and more reliable global payments services to our customers around the world.

Euro Exim Bank serves a diverse range of corporate clients and import/export businesses worldwide. By taking advantage of new technology we are part of the digital revolution in international payments. Euro Exim Bank is headquartered in St. Lucia in the West Indies with a Class A banking license and a non-regulated representative office in London, England. The Bank provides essential financial services to SME’s and Corporates traditionally hampered by high costs of foreign exchange and restrictions on liquidity in challenging jurisdictions.