Ripple's Global Banking Partnerships - Paving the Way for XRP Adoption
While the SEC hammers Ripple about XRP, the company continues to make major inroads with banking partners to use its blockchain technology. Ripple has signed over 300 clients globally, including giants like Santander, SBI Remit, and Euro Exim Bank.
The main selling point for banks is RippleNet - a decentralized network for instant global payments. Through RippleNet, banks can process cross-border transactions in seconds using XRP instead of waiting days using conventional systems like SWIFT.
Major partnerships include:
Santander - The Spanish bank uses Ripple's xCurrent product for same-day international money transfers. In 2018, Santander launched a mobile app powered by Ripple to facilitate payments between countries in just 24 hours.
MoneyGram - Partnered with Ripple in 2019 to use xRapid and XRP to enable faster cross-border remittances. MoneyGram reported transaction costs dropping by 60% using Ripple's liquidity solutions.
SBI Remit - This Japanese money transfer provider uses RippleNet to facilitate payments from Japan to destinations across Asia. In 2022, it recorded a 28% increase in mobile app payments using Ripple.
Euro Exim Bank - One of the newest partners, this London-based bank will use RippleNet to offer faster payments to account holders across more than 80 countries.
As more financial institutions leverage Ripple's blockchain network and liquidity solutions, real-world usage of XRP is expected to grow. While regulatory issues remain unresolved, Ripple is pushing forward to capture the vast global payments market worth trillions.
These partnerships signal banks' faith in Ripple's vision to create the Internet of Value - a worldwide financial network for frictionless transfer of money in any currency.
