Ripple, the fintech giant behind the digital asset XRP and provider of enterprise blockchain solutions for payments has announced the addition of 13 new financial institutions to the company’s payment network, RippleNet.
The global payment network has now reached the milestone of servicing over 200 customers (financial institutions), which are from over 40 countries across 6 continents.
The 13 companies which were just recently added include:
Out of these 13 newly added companies, JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank will use Ripple’s xRapid blockchain payments system to facilitate payments on behalf of their customers.
xRapid is Ripple’s cross-border payments solution that utilizes the digital asset, XRP. The system uses XRP to offer on-demand liquidity, which enables real-time cross-border payments while dramatically reducing costs.
xRapid is the payments system that XRP fans and hodlers are hoping will be adopted by institutions en masse. The idea is that if numerous large financial institutions continuously utilize XRP for payments, the digital asset will become widely adopted and see major increases in price.
The 5 companies listed above will leverage XRP for liquidity when sending cross-border payments, and can thus avoid the hassles of pre-funding accounts in different currencies. It also allows them to make faster and less-costly payments than with the traditional banking system.
As for the rest of the 13 newly added companies to RippleNet — and the majority of RippleNet companies, for that matter — they are not currently using XRP for liquidity. Most of the financial institutions on RippleNet are more interested in immediate settlement in destination currencies.
These companies are able to leverage Ripple’s blockchain technology and modern APIs for faster, lower costs, and more transparent payments than what traditional banking systems currently offer. The payments system that these companies are using is Ripple’s xCurrent payments solution.
This blockchain-based payments solution allows financial institutions to instantly settle cross-border payments with end-to-end tracking. Essentially, xCurrent allows banks to message each other in real-time to confirm payment details prior to and after transactions.
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