Ripple Hits 300 Clients As MoneyGram Announces Expansion of XRP-Powered On-Demand Liquidity
Ripple, the San Francisco-based fintech that offers enterprise solutions for global payments, says that it now has more than 300 clients using its cross-border technology to move money across borders.
“We have also seen 10x year-over-year growth in transactions on RippleNet, our global network of banks, financial institutions and payment providers that sends money globally, instantly and reliably for fractions of a penny.”
At this year’s Swell 2019 conference in Singapore, the company is currently marking the one-year mark of its XRP-based cross-border payment solution xRapid, which is now called On-Demand Liquidity (ODL).
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The San Francisco startup has also released a quote from MoneyGram CEO Alex Holmes, who says the company is expanding its use of ODL.
“One of the core strengths of MoneyGram is our global liquidity and settlement engine that enables our customers to send money in over 200 countries and territories. Our partnership with Ripple has helped us to improve this strength and we’ve already started seeing the product’s potential to streamline our back- end capabilities.
For the first time ever, we’re settling currencies in seconds, and because of these results, we’re expanding our partnership with Ripple and are excited to announce that we have started executing foreign currency trades with the Philippine peso using ODL.”
Ripple says its customer base is spread across six continents in 45 countries. Its most recent clients are the Pakistan-based Faysal Bank, Bangladesh-based bKash and UK-based Finastra.
In June, CEO Brad Garlinghouse singled out the announcement of Facebook’s project Libra as a “massive call to action” for banks to realize that they could no longer “depend upon a technology like Swift to compete in the marketplace.”
Facebook’s entry into the space, while highly controversial, reportedly sparked a surge in sign-ups at Ripple, setting the company on track for a record number of contracts.
A year ago, the company announced that it had close to 200 member companies around the world on RippleNet.