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London-based Euro Exim Bank will become the first bank to publicly announce using the XRP cryptocurrency for cross-border payments. Meanwhile, RippleNet managed to
achieve next milestone scoring 200 consumers worldwide.
Ripple, San Fransico based provider of leading enterprise blockchain solutions for payments, has announced that now 200 global customers are signed up for RippleNet.
In a blog post, the company stated that 13 financial companies had already signed up for Ripple’s payment technology, RippleNet. Among them are Euro Exim Bank, JNFX, SendFriend, Transpaygo, FTCS, Ahli Bank of Kuwait, BFC, ConnectPay, Bahrain, WorldCom Finance, Pontual/USEND, Olympia Trust Company, and Rendimento.
Kaushik Punjani, Director at Euro Exim Bank, commented:
As a result, Euro Exim Bank, along with JNFX, SendFriend, Transpaygo, and FTCS will use the digital asset XRP for liquidity when sending a cross-border payment, which helps financial institutions avoid the hassle of pre-funding accounts in destination currencies, allowing them to make faster, lower cost payments than they can through the traditional correspondent banking system.
David Lighton, the founder of SendFriend, said:
The existing correspondent banking system is slow, inefficient and costly. SendFriend was founded at MIT with the belief that there must be a better way to send payments. We are excited to partner with Ripple to do just that. Through our partnership, we are bringing our customers a next-generation, blockchain payment solution that leverages XRP to address many of the efficiency and equity problems with existing remittances. For them, that means cheaper and faster payments.”
Other institutions that have recently joined RippleNet, like CIMB or Olympia Trust Company, will use Ripple technology for immediate settlement and more transparency payments.
Currently, RippleNet operates in over 40 countries across six continents. According to Ripple’s CEO Brad Garlinghouse, RippleNet is seeing two or three new customers join each week since last year. He said:
A number of other companies have already started using xRapid, which uses the XRP cryptocurrency, for international payments. Among them are MercuryFX, Cuallix, and Catalyst Corporate Credit Union. Back in June 2018, Ripple’s CEO predicted that major banks would use xRapid as a liquidity tool, and his prediction seems to be true. London-based Euro Exim Bank, which focuses on providing financial services for export and import companies, will become the first bank to publicly announce using the XRP cryptocurrency for cross-border payments.
SWIFT vs RIPPLE
Since Ripple has started gaining traction, it can not remain unnoticed by companies providing the same services. The Society for Worldwide Interbank Financial Telecommunication (SWIFT), the global provider of secure financial messaging services, is considered as Ripple’s major competitor.
The two companies are set to face off in Germany at the ITC conference that will take place in February. The companies will be represented by their global heads of banking – that’s Marjan Delatinne for Ripple and Wim Raymaekers for SWIFT. The debate will be mainly centered on each company’s perception of what the future looks like.
Just for a reminder, Ripple’s CEO Brad Garlinghouse recently dismissed all the rumors around Ripple-Swift potential partnership, highlighting:
“What we’re doing and executing on a day-by-day basi
