Ripple XRapid is live, but so far nothing exciting has happened to the price. There were lots of expectations that once XRapid goes live, the price will skyrocket, probably above $1. However, beyond the hype, XRapid going live was just the beginning of XRP’s rise to the top. That’s because, by going live, XRapid simply opened the doors for banks to jump-in to its superior technology, and cut costs as well as enhance operational efficiency in cross-border payments. Going forward, what XRP (XRP) holders need to keep an eye on is Temenos.
Temenos is a technology company that offers back-end software solutions for banks. The company works with more than 3000 companies all across the world and has 41 of the top 50 banks as its clients. Basically, if a bank decides to integrate XRapid, Temenos is the company that will be doing the job of integrating it.
But can Temenos really influence a bank’s decision to go live with XRapid? Well, there is a good chance that it can, for two reasons. First, banks are heavily bureaucratic. This means that for them to bring in new technologies, they need to go through lengthy and endless processes of consultation. In essence, for a technology as radical as XRapid, most banks will take time deliberating on it.
Temenos is the one company that can hasten this process for them because it is already part of the banks’ bureaucracies. On this basis, Temenos will play a huge role in driving up the integration of XRapid into the banking industry.
Secondly, Temenos could a play a huge role towards the integration of XRapid into the banking industry due to the cost aspect of it. Integrating XRapid into banks will be costly and going by the bureaucratic nature of banks, expediting the same won’t be cheap. However, since they already work with Temenos, it would be easier for them to come to terms with this company and integrate it at a favorable cost since they already work together. It is easier for a bank to negotiate with its existing partners for a fast and cost-efficient XRapid integration, as opposed to doing the same with a third party service provider. This makes Temenos a valuable player in the quick integration of XRapid into the global banking industry.
The best part is that Temenos has the experience to push for this integration, as well as the technological capability to do it. As far back as 2016, Temenos was doing Demos for ripplenet, and how it would benefit the banking industry. This is an indicator that they have the capability to hasten its integration, now that XRapid is live, and has more publicity than it ever had before.
Today, ripplenet is a well-known tech in the finance industry, and with a facilitator like Temenos, things could get pretty interesting in the coming months, in terms of adoption. In essence, now that XRapid is live, things could start moving pretty fast, in terms of adoption. It will even get faster once there is regulatory clarity around XRapid. As this adoption gains momentum, the value of XRP will pick up too. It’s a long-term game, driven by uptake by banks and fast-tracked by companies like Temenos.