Ripple, San Franscisco based provider of blockchain solution for financial firms has announced that 13 new customers have agreed to use the much-demanded payment network, RippleNet, a development that made the firm to reach 200 customers milestone.
The firms that signed up for RippleNet include Rendimento, Pontual/USEND, Olympia Trust Company, WorldCom Finance, GMT, ConnectPay, BFC Bahrain, Transpaygo, Ahli Bank of Kuwait, FTCS, JNFX, SendFriend, and Euro Exim Bank.
According to RippleNet, there are now over 200 customers on RippleNet.
5 New Customers Sign Up For xRapid
Although, xRapid has been linked with RippleNet, a statement by Ripple reflects that 5 new customers are now levering on xRapid for sending payments to customers. The five customers are Euro Exim Bank, FTCS, Transpaygo, SendFriend, and JNFX.
The said 5 customers will use XRP to source liquidity on-demand while sending payments on behalf of their customers.
According to Ripple, using XRP for liquidity to achieve a cross-border payment helps financial institutions avoid the hassle of pre-funding accounts in destination currencies.
The method allows them to achieve lower cost and faster payments than traditional means of banking.
Financial institutions on RippleNet that are not using XRP for liquidity like CIMB or Olympia Trust Company are able to use Ripple’s technology and modern APIs to achieve transparent, faster, and lower cost payments.
While speaking on the uniqueness of RippleNet, Kaushik Punjani, Director, Euro Exim Bank said, “working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent and xRapid in record time, and we look forward to the benefits these will bring our customers.”
“As a leader in trade finance solutions for global corporates and fintechs, we are uniquely placed to offer new payment channels and ways to source liquidity. Our customers—whether big corporates or individual remitters—have historically been restricted from obtaining suitable funds or settling transactions in a cost efficient and timely manner.”
David Lighton, Founder, SendFriend: “The existing correspondent banking system is slow, inefficient and costly. SendFriend was founded at MIT with the belief that there must be a better way to send payments. We are excited to partner with Ripple to do just that. Through our partnership, we are bringing our customers a next-generation, blockchain payment solution that leverages XRP to address many of the efficiency and equity problems with existing remittances. For them, that means cheaper and faster payments.”
Also, Ashay Mervyn, Head of Emerging Markets, JNFX, said “Payments between countries are beset with inefficiencies—inefficiencies around cost, inefficiencies around speed and inefficiencies around transparency.”
“RippleNet is specifically geared to address these problems. For our customers who range from the largest conglomerates in Africa (with operations and commitments in over 40 countries) to individuals in villages in rural Nigeria, our decision to join RippleNet and utilize their payment solution—including XRP for on-demand liquidity—just makes sense.”
Meanwhile, Brad Garlinghouse, CEO of Ripple, “In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity.”
He added that, “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.”
At the moment, RippleNet is being used in different parts of the world. The blockchain tools has tentacles in over 40 countries across six continents.