Ripple is having an incredible year. The buzz around blockchain and digital assets has led many financial institutions and payments providers to scrutinize the market and separate the wheat from the chaff. And in many cases, it’s clear that Ripple’s enterprise blockchain network — RippleNet — is the definitive choice to usher global payments into the modern era.
In fact, we’re pleased to announce that Bexs Banco, AirWallex, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK, and TransferGo, among others, joined RippleNet.
The newest members can count themselves among SBI Remit, SEB and Siam Commercial who also use RippleNet to send cross-border payments.
Now, more than 100 financial institutions — across banks, payments providers and more — use the power of Ripple’s blockchain technology to provide a global payments experience that delivers instant, certain, low-cost global payments to their customers.
Powering Instant Payments to Some of the Largest Remittance Corridors
Using RippleNet has afforded these members the opportunity to expand into growing remittance markets.
“Joining RippleNet allows us to connect to other member banks, extending our remittance footprint. This will help us scale our business and provide customers a first-class digital payments experience.” Peter England, CEO at RAKBANK
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First Financial Institution Uses XRP to Solve the Liquidity Problem
In a precedent-setting moment, Cuallix became the first worldwide institution to use xRapid — Ripple’s solution that utilizes XRP as a liquidity tool — to reduce the cost of sending cross-border payments from the U.S. to Mexico.
Cuallix moved to the forefront of digital payments by using digital assets to remove the inefficiencies and red tape associated with processing and sourcing liquidity.
“Our business — and our customer’s livelihood — depends on our ability to send micro-payments easily and quickly to Mexico. With xRapid, we can source liquidity through XRP and complete the cross-border payments in seconds.” Cuallix
Commercial Payments Get Easier with RippleNet
RippleNet allows for members to easily connect with other network-enabled banks to widen their footprint in other countries, as well as quickly send commercial payments. See what RippleNet members have to say about using the network to streamline global settlements.
“Ripple’s solution allows our customers to send real-time transfers between their SEB accounts in Sweden and New York. We plan to expand the solution to all geographies and time zones in which we operate.” Paula da Silva, Head of Transaction Services at SEB
For more information about joining RippleNet, please contact us. The Ripple team will also be available to meet at Swell — the first-ever blockchain program for financial institutions — in Toronto next week. Please request an invite to schedule a meeting.
