The largest Bank of Canada Royal Bank of Canada published its report about the market in which they reported that Ripple and XRP can really contribute to global banks in reducing the cost of translations.

Despite the fact that they recognized the traditional providers of money transfer services like Western Union and Money Gram are dominant in the field of remittances, the introduction of the technology of the blockchain made it possible to radically turn the game.

Technology has caused a decentralization, a high degree of transparency, but most importantly, removed the need for intermediaries. And it is here that there RippleNet.

Ripple offers not only affordable solutions, but also speed and transparency of transfers, compared to traditional systems like SWIFT. In fact, transparency and speed and makes RippleNet so attractive to banks and transfers.

In its report, the Bank also pointed out that Ripple has created a decentralized Protocol open source. To create a functioning ecosystem, Ripple is working with several global banks, such as Standard Chartered and SBI, despite the provision of three main products: xCurrent, xRapid and XRP, the partners decide to use a particular product. If they chose xCurrent as its preferred solution, a company can open effective channels of communication across the network.

However, the use of xRapid means the use of the token XRP, useful for cross-border transfers. The report describes XRP as an intermediate asset that allows it to maintain liquidity between any two currencies.

Further, the report stated that banks can consolidate liquidity in a single account XRP instead of having to maintain local currency accounts worldwide, and in the process to minimize the number of intermediaries.

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