Ripple is the leading enterprise blockchain solution for cross-border payments. It is, in fact, a real-time gross settlement system, remittance network and a currency exchange founded by Ripple Labs Inc., a US-based technology company.
Ripple News Today
In a recent blog post, the company went on to state that 13 financial institutions have already signed up for RippleNet, which is Ripple’s payment technology. Among the financial institutions are Euro Exim Bank, SendFriend, JNFX, FTCS, Transpaygo, Ahli Bank of Kuwait, ConnectPay, BFC, Bahrain, Olympia Trust Company, Pontual/USEND, WorldCom Finance, and Rendimento.
Along with SendFriend, JNFX, FTCS, and Transpaygo, Euro Exim Bank will be using the digital asset XRP for liquidity while sending a cross-border payment. This will help the institutions to avoid the inconvenience of pre-funding accounts in the destination currencies. As a result, they will be allowed to make faster, lower cost cross-border payments than they can while using the traditional correspondent banking system.
Other financial institutions such as Olympia Trust Company and CIMB have only recently joined RippleNet and they intend to use the Ripple technology to settle their payments immediately and to have more transparency in the payments.
As of now, RippleNet is being operated in over 40 countries across the globe. According to the CEO of Ripple, Brad Garlinghouse stated that RippleNet has been welcoming two or three new customers every week since the previous year.
Scoring New Customers Worldwide
This just doesn’t end here. Several other companies have already begun using xRapid, which uses the XRP currency, to carry out the international payments. Among them are Cuallix, MercuryFX, and Catalyst Corporate Credit Union. This is the Ripple news today we were talking about earlier.
Last year in June, Ripple’s CEO, Brad Garlinghouse also went on to predict that the leading banks would begin using xRapid as a liquidity tool. Now that we come to think of it, his prediction seems to be almost true.
Euro Exim Bank, which is London-based bank focused on providing financial services for import and export organizations, will be the first bank to publicly announce using the XRP cryptocurrency for making the cross-border payments.
Ripple VS Swift
As soon as Ripple started gaining momentum in the financial market, it became difficult for other companies offering similar services to let it remain unnoticed. SWIFT, the Society for Worldwide Interbank Financial Telecommunication, is the global provider of secure financial messaging services, is known to be the biggest competitor for Ripple.
In fact, the two rivalries are all are set to face off in the upcoming ITC conference that will be held in Germany sometime in February. In the conference, both the companies will be represented by their global heads of banking. The debate will be mainly revolved around each company’s perception of what the future looks like for them.
Not many days ago, there has been a rumor circulating around that Ripple and Swift are planning for a potential partnership. However, Ripple’s CEO has recently dismissed all these rumors by saying, “What we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT.”