13 New Financial Institutions Joined Ripple’s Network of Supporters
Ripple foundation announced on January 8th that 13 more companies joined Ripple’s network of supporters, signing up to use Ripple’s cross-border payment system for enabling fast, secure and cost-effective transactions.
With the most recent partners, RippleNet now counts over 200 customers using their remittance system for “frictionless payments” where the CEO of Ripple, Brad Garlinghouse stated that the company managed to get two companies to sign each week during 2018.
Five of the New Partners Using XRP for Liquidity
Ripple most recently made an announcement on having more customers joining RippleNet, out of which 5 will be using XRP for liquid on-demand transactions on behalf of their customers.
The latest RippleNet partners include GMT, WorldCom Finance, Pontual/USEND, Connect Pay, Olympia Trust Company, Ahli Bank of Kuwait, Send Friend, JNFX, Euro Exim Bank, Rendimento, BFC Bahrain, Transpaygo and FTCS.
Although the majority of partners will be using xCurrent product that doesn’t need XRP as a medium, the promise that Brad Garlinghouse made at the end of the last quarter of 2018 that more banks will be using digital asset XRP, is slowly fulfilling.
The banks that will be using XRP for sending payments are FTCS, Transpaygo, SendFriend, Euro Exim Bank, and JNFX.
The perks of using XRP lies in the fact that these financial institutions can take advantage of on-demand liquidity that eliminates the need for pre-funding accounts in destination currencies. This way, as Ripple suggests, payments are made faster and cheaper in oppose to the traditional way correspondent banking system is operating.
Director of Euro Exim Bank, Kaushik Punjani stated regarding xRapid and XRP-based cross-border payments, that the bank has successfully tested both xCurrent and xRapid, implementing Ripple-based payment system in record time.
Punjani also stated that as “the leader in trade finance solutions for global corporates and fintech,” the bank is always ready to offer new payment channels and new ways of acquiring liquidity sources.
Euro Exim Bank Director also added that their customers were deprived of solutions that would allow them to send and receive transactions in shorter time periods and at lower costs before joining the network of Ripple’s partners.
Ripple Aiming to Become Next-Generation Payment Solution
With spreading their influence with the growing list of partners, Ripple’s payment systems are being adopted at an increased pace for the past year, as Ripple company is aiming to become the next-generation payment solution powered by blockchain-based technology.
The founder of SendFriend, one of the financial institutions that will be using XRP, David Lighton said regarding their partnership with Ripple that the existing correspondent banking systems are not efficient and cost-effective in oppose to XRP-based cross-border payments they have signed up for, adding that they are excited to offer the next-generation payment system to their customers.
Ashay Mervyn from JNFX, the Head of Emerging Markets, spoke about the partnership as well, explaining how Ripple’s system successfully resolves inefficiencies that traditional correspondent banking systems have regarding cost, time, and transparency.
JNFX customers belong to large African conglomerates, while joining RippleNet will connect them with over 200 RippleNet partners, enabling fast and cost-effective cross-bank payments for their customers.
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