JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will capitalize on the cryptocurrency XRP to receive liquidity on-demand when transmitting payments on behalf of their clients.
XRP assists financial institutions eliminate the problem of payment nostro accounts in destination currency using liquidity when transmitting a cross-border payment. It allows them to make faster, lower cost payments than they can through the traditional correspondent banking system.
Financial institutions such as CIMB or Olympia Trust that uses RippleNet and looking for prompt settlement, but presently not using XRP for liquidity, will be able to capitalize on Ripple’s technology and state-of-the-art APIs for quicker, transparent payments and minimum cost.
Kaushik Punjani, Director, Euro Exim Bank: “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. 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.”
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.”
Ashay Mervyn, Head of Emerging Markets, JNFX: “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.”
Brad Garlinghouse, CEO of Ripple, said “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. 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.”
RippleNet presently operates in more than 40 countries across six continents.