RippleNet Grows To 100 Financial Institutions

Ripple revealed that RippleNet, its blockchain network, now services more than 100 financial institutions.

“We are pleased to announce that Bexs Banco, AirWallex, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK, and TransferGo, among others, have joined RippleNet,” the company said in a statement. “The newest members can count themselves among SBI Remit, SEB and Siam Commercial, who also use RippleNet to send cross-border payments.”

These new additions boost the number of companies using RippleNet to more than 100 financial institutions, including banks, payments providers and more that are leveraging the technology to provide a global payments experience that delivers instant, certain, low-cost global payments to their customers.

“Ripple’s solution allows our customers to send real-time transfers between their SEB accounts in Sweden and New York,” said Paula da Silva, head of transaction services at SEB. “We plan to expand the solution to all geographies and time zones in which we operate.”

In other news, Cuallix became the first worldwide institution to use xRapid – Ripple’s  cryptocurrency solution that utilizes XRP as a liquidity tool – to reduce the cost of sending cross-border payments from the U.S. to Mexico. As a result, Cuallix moved to the forefront of digital payments by using digital assets to remove the inefficiencies and red tape associated with processing and sourcing liquidity.

“Our business – and our customer’s livelihood – depends on our ability to send micro-payments easily and quickly to Mexico,” said Cuallix. “With xRapid, we can source liquidity through XRP and complete the cross-border payments in seconds.”

Last year, the San Francisco-based Ripple expanded into Europe, opening a new office in London, which will serve the growing banking demands in the region.