• Back
• Published on 9 October 2017
• 2756 Views
• Print

Ripple's blockchain network in now more than 100 financial institutions

More than 100 financial institutions have joined Ripple’s enterprise blockchain network, RippleNet, to definitively modernize global payments leveraging the full power of blockchain. The newest members of RippleNet include AirWallex, Bexs Banco, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK and TransferGo, amongst others, and they’re now on the path to join existing members like SEB and Siam Commercial Bank who have deployed Ripple solutions commercially.

RippleNet is poised to solve the shortcomings of entrenched infrastructure and usher global payments into a modern era. Collectively, the innovative financial institutions joining RippleNet are adopting blockchain commercially to provide their customers a global payments experience that meets what they’ve come to expect from other internet services — nothing short of effortless.

Winning Customers with Effortless Payments

RippleNet helps financial institutions deliver instant, on-demand, certain and low-cost global payments services to their customers.

• Known for providing superior payments experiences, U.A.E.-based RAKBANK and U.K.-based payment providers IFX, TransferGo, and Currencies Direct will use RippleNet to power instant payments into India — the largest beneficiary of retail remittances worldwide at $71 billion annually.
• Blockchain-powered payments into South America will be available to RippleNet members through dLocal — the leading payment provider on the continent. dLocal specializes in payment acceptance and corporate disbursements in emerging markets, counting Uber, Godaddy, Payoneer and Tipalti amongst its global customers.
• Leading European bank Credit Agricole plans to improve remittance services from Switzerland — home of the largest group of French expatriates worldwide — to France.
• Brazil-based Bexs Banco, which processes cross-border e-commerce payments for more than 25 million customers, has joined RippleNet to connect with member banks in North America, Europe and Asia.
• Australia-based Airwallex will use RippleNet to process corporate payments at a highly competitive exchange rate, with low transaction fees, across the APAC region — through which 40 percent of cross-border payments are predicted to flow by 2025.

“Global payments are undeniably going through a sea change, led by financial institutions adopting blockchain to fix their customers’ broken payments experience,” said Brad Garlinghouse, CEO of Ripple. “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.”

Watershed in Liquidity with XRP

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.

Cuallix is the first institution worldwide to pilot XRP as a liquidity tool to lower the costs of payments from the U.S. to Mexico. As Cuallix advances from its XRP pilot to commercial deployment, it’ll make history as the first financial institution to unlock the full value of blockchain and digital assets, solving the inefficiencies of both processing and liquidity in global payments.

Commercial Payments Volume Builds

Joining RippleNet affords new members the opportunity to easily connect to other Ripple-enabled financial institutions to take advantage of new revenue opportunities. Several have shared how they’re improving their customers’ payments experiences using Ripple solutions.

• SEB has processed more than $180 million in payments for a large corporate customer between Sweden and the U.S. over RippleNet with transactions taking just seconds to complete.
• Thai expatriates living in Japan are sending money home to their families faster than ever before, thanks to SBI Remit, Siam Commercial Bank and Ripple.
• Krungsri, a leading bank in Thailand and a member of MUFG, has successfully sent live corporate payments on behalf of between its headquarters in Thailand and a large petrochemical company located in a Southeast Asian market.

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.

Re-disseminated by The Asian Banker