Adoption Near? Ripple’s Payment Network Attracts More Financial Companies
The promise of cheap and fast global transactions made by Ripple continues to attract many financial institutions. This time, more than a dozen of them have joined the FinTech company’s payment network.
Ripple revealed earlier that 13 financial institutions have signed up for RippleNet, the blockchain-based payment system. New members included Euro Exim Bank, SendFriend, JNFX, Ahli Bank of Kuwait, Transpaygo, and more.
200+ financial institutions are leveraging RippleNet to make international payments faster, lower cost and more transparent. Learn more about our newest RippleNet customers here: https://t.co/scORZ41ngS
— Ripple (@Ripple) January 8, 2019
RippleNet offers at least two products, which financial institutions can enjoy— xCurrent and xRapid. In xCurrent, financial institutions can “process real-time payments” faster than legacy payment networks. Meanwhile, xRapid allows payment processors to use the XRP cryptocurrency for on-demand liquidity as a cheaper alternative to nostro bank accounts.
Brad Garlinghouse, Ripple CEO, said:
“[We are] beginning to see more customers flip the switch and leverage XRP for on-demand liquidity. 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.”
The new customers’ recent entry increased the number of firms connected to RippleNet to more than 200, after a century of institutions joined in 2018. Moreover, the Ripple chief executive expects more, with two to three new customers signing up every week.