Ripple, a provider of enterprise blockchain solutions for payments, announced on Tuesday 13 new financial institutions have signed up for the company’s payment network, RippleNet. It was revealed that the companies now in the network are the following:
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Euro Exim Bank - SendFriend
- JNFX
- FTCS
- Ahli Bank of Kuwait
- Transpaygo
- BFC Bahrain
- ConnectPay
- GMT
- WorldCom Finance
- Olympia Trust Company
- Pontual/USEND
- Rendimento
With these additions, Ripple reported that there are now more than 200 customers signed up for RippleNet. Ripple then noted that JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will use the digital asset XRP to source liquidity on-demand when sending payments on behalf of their customers.
“Using XRP for liquidity when sending a cross-border payment helps financial institutions avoid the hassle of pre-funding accounts in destination currencies. It allows them to make faster, lower cost payments than they can through the traditional correspondent banking system.”
Speaking about RippleNet’s success, Brad Garlinghouse, CEO of Ripple, stated:
“In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity,” said “At the end of the day, our goal is to make sure our customers can provide excellent, efficient cross-border payments experiences for their customers, wherever they are in the world.”