Ripple, the provider of enterprise blockchain solutions for payments, announced today that 13 new financial institutions have signed up for the company’s payment network, RippleNet. The companies include Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND, and Rendimento.
JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank will leverage the digital asset XRP to source liquidity on-demand when sending payments on behalf of their customers. Using XRP for liquidity when sending a cross-border payment helps financial institutions avoid the hassle of pre-funding accounts in destination currencies. It allows them to make faster, lower cost payments than they can through the traditional correspondent banking system.
For the financial institutions on RippleNet not currently using XRP for liquidity but interested in an immediate settlement—such as Olympia Trust Company —they are able to leverage Ripple’s technology and modern APIs for faster, lower cost and more transparent payments.
[perfectpullquote align=”full” bordertop=”false” cite=”Kaushik Punjani, Director, Euro Exim Bank” link=”” color=”” class=”” size=””]“As a leader in trade finance solutions for global corporates and fintechs, we are uniquely placed to offer new payment channels and ways to source liquidity. Our customers – whether big corporates or individual remitters – have historically been restricted from obtaining suitable funds or settling transactions in a cost-efficient and timely manner. Working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent and xRapid in record time, and we look forward to the benefits these will bring our customers.”[/perfectpullquote]
[perfectpullquote align=”full” bordertop=”false” cite=”Brad Garlinghouse, CEO of Ripple” link=”” color=”” class=”” size=””]“In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity. At the end of the day, our goal is to make sure our customers can provide excellent, efficient cross-border payments experiences for their customers, wherever they are in the world.”[/perfectpullquote]