The Ripple payment network, RippleNet, now has more than 200 major customers.

On Tuesday (January 8), a Californian startup FinTech Ripple announced that it had acquired 13 more customers for its global payment network RippleNet, as a result of which their total number exceeded 200.

Картинки по запросу RippleNet

These 13 new financial institutions include:

  • « Euro Exim Bank"- deals with a variety of trade finance instruments, such as instant letters of credit, corporate bank accounts (Prestige Plus), letters of credit, standby letters of credit, international bank transfers, bank guarantees, prepayments. Master Cards and Trade Credit Lines “);
  • Sendfriend (an online service that specializes in sending money from the USA to the Philippines);
  • Jnfx (London service firm FOREX);
  • Financial Transaction Control Systems (a Stockholm company that creates a “financial infrastructure to change the direction of value movement”);
  • Al Ahli Bank of Kuwait (retail and commercial bank located in the city of Kuwait);
  • Transpaygo (a money transfer service that “enables SMEs to make payments within one business day”);
  • Bahrain Financing Company (provides money transfer and currency exchange services);
  • Connectpay (a “financial services provider based in Lithuania for fast-growing, online-oriented businesses that have not been serviced by major banks for a long time”);
  • GMT Money (Australian remittance service specializing in payments from Australia to India);
  • WorldCom Finance (“A client-oriented company specializing in the development of Internet platforms for instant money transfers and term bank deposits worldwide”);
  • Olympia Trust Company (a trust company that “also provides foreign exchange services”);
  • Pontual (Californian company that calls itself "number one payment processor to Brazil"); and
  • Banco rendimento (Brazilian bank).

Ripple says that “JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will use XRP to get liquidity on demand when sending payments on behalf of their customers”; and that using XRP “for liquidity in sending a cross-border payment helps financial institutions avoid the hassle of pre-financing bills in destination currencies” and also allows them to “make faster and cheaper payments than they can with traditional correspondent banking services”. system ".

In addition, the Ripple blog says: “For financial institutions RippleNet, which currently do not use XRP to provide liquidity, but are interested in immediate settlement, for example, CIMB or Olympia Trust Company, they can use Ripple technology and modern APIs for faster, lower cost and more transparent payments. “

Comments from new Ripple customers

Kaushik Punjani, director of Euro Exim Bank:

“As a leader in trade finance solutions for global corporations and fintech companies, we are uniquely positioned to offer new payment channels and ways to get liquidity. Our clients - whether large corporations or individual senders of funds - have historically been limited in obtaining suitable funds or payment transactions in an economical and timely manner. Working in collaboration with Ripple and selected partners, we developed, tested and implemented both xCurrent and xRapid in record time, and we look forward to the benefits that they bring to our customers. ”

David Lighton, founder of SendFriend:

“The current correspondent relationship system is slow, inefficient and expensive. SendFriend was founded at MIT with the conviction that there must be a better way to send payments. We are pleased to partner with Ripple to do just that. Thanks to our partnership, we offer our customers a new generation of blockchain payment systems that use XRP to solve many problems of efficiency and equity in existing remittances. For them, this means cheaper and faster payments. ”

Ashay Mervyn, Head of Emerging Markets at JNFX:

“Payments between countries are fraught with inefficiencies — cost inefficiencies, speed inefficiencies, and transparency inefficiencies. RippleNet is specifically designed to solve these problems. For our clients, which range from the largest conglomerates in Africa (with operations and commitments in more than 40 countries) to private individuals in villages in rural Nigeria, our decision to join RippleNet and use their payment solution - including liquidity on demand XRP just makes sense. ”

Comments from Ripple management

Brad Garlinghaus, CEO of Ripple, said the following:

“In 2018, about 100 financial institutions joined RippleNet, and now we sign two, and sometimes three, new clients a week. Last year, we also saw that the number of clients sending live payments increased by 350 percent, and we are starting to see how more and more customers are switching funds and using XRP to provide liquidity on demand. In the end, our goal is to make our clients provide excellent and efficient cross-border payments to their customers, wherever they are. ”

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