Ripple is officially updating its list of how many customers have joined RippleNet.
The number of banks and financial institutions using Ripple’s suite of software solutions to power cross-border payments now stands at 200.
“Ripple, provider of leading 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. With these additions, there are now more than 200 customers signed up for RippleNet.”
Ripple is also revealing five companies that will utilize the digital asset XRP to power payments on behalf of their customers.
- JNFX, London-based foreign exchange firm
- SendFriend, New York-based fintech for global remittance market
- Transpaygo, Vienna-based fintech for mobile payments
- Financial Transaction Control Systems (FTCS), Stockholm-based company building financial infrastructure
According to the announcement,
“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.”
Ripple CEO Brad Garlinghouse says the company is now signing two to three new customers every week, and is seeing a significant increase in the number of customers utilizing RippleNet to send live payments.
“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.”