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Ripple’s enterprise blockchain network ‘RippleNet’ grows to over 100 members
Blockchain startup Ripple has announced the addition of new financial institutions to its enterprise blockchain network RippleNet.
With this, RippleNet has grown to more than 100 members. The new members include AirWallex, Bexs Banco, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK and TransferGo, amongst others. They are joining existing members like SEB and Siam Commercial Bank who have deployed Ripple solutions commercially.
RippleNet helps financial institutions deliver instant, on-demand, certain, and low-cost global payments services to their customers. In addition to improving the efficiency of payments processing, it can also significantly lower the total cost of individual payments. Using Ripple’s digital asset XRP, RippleNet members can fund payments anywhere in the world on demand.
The financial institutions joining the network aim to adopt blockchain commercially to provide a global payments experience their customers. Ripple outlined some of the use cases by the new members:
- 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
- European bank Credit Agricole plans to improve remittance services from Switzerland to France
- Brazil’s Bexs Banco will leverage 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
- 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.
“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.”
The new members will also get the opportunity to easily connect with other Ripple-enabled financial institutions to take advantage of new revenue opportunities. To that end, Ripple highlighted some of the efforts by existing members:
- “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.”
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