San Francisco-based fintech Ripple announced on Tuesday more than 100 financial institutions have joined its blockchain network, RippleNet. This news comes less than a month after the company opened its new Singapore office. Speaking about the blockchain network’s milestone, Ripple’s CEO Brad Garlinghouse, stated:
“Global payments are undeniably going through a sea change, led by financial institutions adopting blockchain to fix their customers’ broken payments experience. Now more than 100 financial institutions are looking to Ripple as the solution to the problem. Updating their payments infrastructure with Ripple has become the equivalent of a retailer choosing to build an e-commerce business in the year 2000 — it’s a no brainer.”
The company also explained:
“RippleNet not only improves the efficiency of payments processing, it can also dramatically lower the total cost of individual payments. Today’s infrastructure often requires financial institutions and corporations to pre-fund local currency accounts around the world to quickly send payments in a given market. These pre-funded accounts trap upwards of $5 trillion in capital intended for payments by Ripple’s estimates. Using the digital asset XRP — the fastest, most scalable and stable digital asset — RippleNet members can instead fund payments anywhere in the world on demand, and reallocate these trapped funds elsewhere in their businesses.”
The newest members of RippleNet include AirWallex, Bexs Banco, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK, and TransferGo, amongst others. Existing members also include SEB and Siam Commercial Bank. Ripple added:
“RippleNet members and their customers — corporations and consumers alike — are increasingly reaping the benefits of instant, on-demand, certain and low-cost payments with Ripple solutions, ultimately sharpening their competitive edges. As more financial institutions join RippleNet, instant payments will reach more destinations and costs will further compress, enabling members to continuously improve their global payments services.”
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“Global payments are undeniably going through a sea change, led by financial institutions adopting blockchain to fix their customers’ broken payments experience. Now more than 100 financial institutions are looking to Ripple as the solution to the problem. Updating their payments infrastructure with Ripple has become the equivalent of a retailer choosing to build an e-commerce business in the year 2000 — it’s a no brainer.”
“RippleNet members and their customers — corporations and consumers alike — are increasingly reaping the benefits of instant, on-demand, certain and low-cost payments with Ripple solutions, ultimately sharpening their competitive edges. As more financial institutions join RippleNet, instant payments will reach more destinations and costs will further compress, enabling members to continuously improve their global payments services.”
