Ripple’s Blockchain Payment Network Surpasses 200 Customers Worldwide

News | January 9, 2019 By:

Distributed ledger firm Ripple has announced that 13 new financial institutions have signed up for the company’s payment network, RippleNet.

RippleNet is a network of institutional payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a frictionless experience to send money globally. RippleNet members can use the Ripple software to leverage XRP to improve liquidity, which is critical to global payments. Currently, the network operates in over 40 countries across six continents.

The latest companies to join the network 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. The lastest additions bring the total number of clients to over 200.

“In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week,” said Brad Garlinghouse, CEO of Ripple. “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.”

JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will reportedly leverage XRP to source liquidity on-demand when sending payments on behalf of their customers. The rest of the newly added financial institutions are not currently using XRP for liquidity but interested in immediate settlement. Ripple said that these institutions would be able to leverage its technology and modern APIs for faster, lower cost and more transparent payments.

Kaushik Punjani, Director, Euro Exim Bank, said that 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,” Punjani said. “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.”