List of the Largest Banks Using Ripple, XRP and its Different Blockchain Payment Products
Ripple Labs, the San Francisco-based company is expanding its services all over the world. Banks and financial institutions are starting to use the services that the company is currently offering. In sum, Ripple allows firms to make cross-border payments almost in real time with very low fees.
At the same time, Ripple is able to provide liquidity on-demand for companies that do not have access to specific markets. This allows these institutions to provide better services to their users. The SWIFT system is becoming expensive and obsolete to the standards that Ripple is currently trying to impose on the market.
One of the most popular banks working with Ripple’s technology is the PNC Bank. It has around eight million customers located in 19 states of the US and it joined RippleNet back in 2016. RippleNet is Ripple’s solution for cross-border payments and settlement.
This is one of the largest banks in the United States and it is using Ripple’s technology to enhance the services offered to its clients.
Another large bank using Ripple’s products is Santander Bank. This Spanish banking institution has partnered with Ripple back in 2018 to test different liquidity and settlement products, including RippleNet and xCurrent.
Ed Metzger, Santander’s Head of Innovation, commented on the matter:
“We believe that financial services are moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with OnePay FX.”
OnePay FX is one of the different services that the bank is currently offering to users in different countries. This allows individuals to easily send and receive payments among different accounts in specific jurisdictions.
Standard Chartered Bank is also working with Ripple and heir services. The London-based financial institution is working with the San Francisco-based company since 2016. Thus, it has already experienced in dealing with blockchain technology and crypto companies.
At the moment, the firm is operating in over 70 countries and it employs almost 90,000 individuals. This bank is providing cross-border payments for five different countries. Additionally, the bank decided to use the technology for improving the services in a trading corridor between India and Singapore.
Cuallix is a financial firm that is also working with Ripple. This company has been operating in Mexico, the United States and also Hong Kong. Cuallix provides credit and payment processing solutions to other firms and also to individual clients.
The bank has been working with the xCurrent product developed by Ripple. Nevertheless, the intention is to use XRP in cross-border payments as Ripple informed a few months ago. According to a report released by CNBC, Ripple has been testing the cryptocurrency product xRapid with Cuallix, Mercury FX and other firms such as Western Union or MoneyGram.
Asheesh Birla, Ripple’s senior vice president of product commented:
“I’m really excited to bring the product into the market at a time when there is a lot of skepticism about digital assets and their real use case. Here’s something where we’re finding a ton of value and providing a ton of value to our customers using digital assets to move money more efficiently.”
Mitsubishi UFG Financial Group is also a financial institution that is working with Ripple. Indeed, this bank is the fifth-largest bank in the world in terms of total assets managed. The company decided to implement Ripple’s solution since they provide better solutions than SWIFT or other alternatives. With Ripple’s technology, it is possible to make transactions in just 30 seconds and in a cheaper way than with traditional systems.
Finally, the Skandinaviska Enskilda Banken (SEB) is a Stockholm-based financial group that works with different institutional and individual clients. The bank is one of the largest in Sweden and it has around 16,000 employees.
Paula da Silva informed that they started using xCurrent back in 2017. Now, the company is able to perform transfers between clients located in different countries such as Ripple and Sweden.
The main intention behind the implementation of Ripple’s products by the bank is to settle payments between the United States and Sweden. With real-time payments, New York and Stockholm will be connected in just a few second for performing transfers.
XRP is one of the largest digital assets in the market. It has a market capitalization of $12.01 billion and is the second most valuable cryptocurrency after Bitcoin (BTC). Now, each XRP can be purchased for $0.291 and in the last 24 hours, it lost around 5.87% of its value.
Now, Ripple has more than 200 customers working with the RippleNet network and there will be many others that will be implementing the xRapid solution. The XRP digital asset behaved in a bullish way after all the different partnerships signed by Ripple. With more institutions using Ripple’s product, the larger the chances are that these banks and financial companies are going to use XRP as a means of sourcing liquidity or processing faster payments across borders.