6 Biggest Banks Using Ripple (XRP) Products




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Reading time

7 mins
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RippleNet is a network that processes cross-border payments in real-time and with little costs. Banks using Ripple XRP are getting more and more. Banks that join this platform are able to extend their payment offerings into new markets that are otherwise out of their reach.

Ripple already has gathered an impressive number of payment, exchange, and transfer providers, out of which more than 100 are banks. Its growth has been mirrored in the recent increase in the price of the platform’s native token, XRP, which recently became the second-largest coin according to market cap.

Big Banks Using Ripple

Below is a list of the biggest banks that have joined the network and are, or will be using Ripple XRP products.

PNC Bank

PNC Bank, one of the top ten banks in the United States with over $6.0 billion in deposits, joined XRP blockchain in 2016 to use its solution for cross-border payments and settlement.

PNC Bank has more than eight million customers and has retail subdivisions in 19 states, which helps the second largest cryptocurrency by market capitalization to enhance its position within the US banking sector. PNC started using xCurrent in September 2018, to improve the speed of its payment process.

Banks Using Ripple - PNC

Source: www.pnc.com

Santander Bank

Santander Bank

Santander Bank, N. A. is a subsidiary of Spanish Santander Group. Its focus market is the north-eastern United States. Having over $57.5 billion in deposits, it operates about 650 retail banking offices and over 2,000 ATMs.

The announcement of the strategic partnership between Ripple Labs and Santander was made in March of 2018 but, at the time, the details of the collaborative work between the two companies were not made public.

Since then, the Ripple team officially stated that Santander has been testing RippleNet and other liquidity products available on its blockchain network.

The bank started using xCurrent in November 2017.

Standard Chartered Bank

Standard Chartered

Standard Chartered, the multinational company headquartered in London, England, that provides financial and banking services, partnered with Ripple blockchain network in 2016.

They started using xCurrent in 2016, but they further announced the expansion of the Ripple (XRP) Network. They plan on providing cross-border payments for an additional five pairs of countries by the 2018’s end.

In November, however, the bank decided to expand even more their influence through Ripple (XRP), to tap into the $15 billion trade corridor between India and Singapore.


Cuallix is a financial institution that has operated for over 25 years in Mexico, United States and Hong Kong, and partnered with Ripple in October 2017. They provide credit and payment processing solutions to individual and enterprise use, with custom-adjusted products to fit their customer needs and digital content.

In last year’s October, the Bank implemented xCurrent, Ripple’s enterprise solution that facilitates the instantaneous settlement and end-to-end tracking of cross-border payments between RippleNet members.

In February 2018, Cuallix became one of the first financial institutions to use xRapid – Ripple’s solution that uses XRP as a liquidity tool – to reduce the cost of sending cross-border payments from the US to Mexico.

This shows that Cuallix is a bank whose managers have open minds. Maybe in the near future, we will see other banks that will implement the XRapid service and the XRP currency in cross-border payments.

Banks Using Ripple - cuallix

Source: twitter.com

Skandinaviska Enskilda Banken (SEB)

Skandinaviska Enskilda Banken

SEB, a Stockholm-based financial group for corporate customers, financial institutions and private individuals, is one of Sweden’s biggest banks. It currently has more than 16,000 employees and serves 400,000 small and medium-sized enterprises (SMEs), 3,000 corporate and institutional customers, and more than four million people.

They started using xCurrent in 2017 and Paula da Silva stated the following regarding its evolution of use: “last year there was only one customer on it. Now we have ALL SEB customers doing inter-company transfers between Sweden and the US on the Ripple platform. So we have a couple of billion going through that”.

According to an official statement, the Bank’s primary objective of using Ripple’s products is to settle payments between Sweden and the United States.

Mitsubishi UFG

Mitsubishi UFJ Financial Group, Inc. also entered a collaboration with Ripple. It’s the fifth-largest bank in the world by total assets, having a larger capital base than that of other consortia such as JPMorgan Chase & Co. (ranked 6th), Goldman Sachs (ranked 35th) or even Santander (ranked 16th).

A Mitsubishi UFJ Financial Group, Inc. representative explained how Ripple technologies can garner better results compared to other alternatives such as SWIFT:

Today, for many of us, we may have to go through SWIFT and encounter charges; many intermediary banks are part of that, and typically an SLA for fund transfer or movement is between one and three days.

Using technology such as Ripple, we can get that done to something like 30 seconds, which is significantly different and at a cheaper cost as well in terms of moving money between our branches, between our different countries within our network. That’s really important to us”

He also remarked that in spite of evaluating several prospects, the multinational firm is quite satisfied with the results achieved by implementing Ripple’s xCurrent.

“Ripple is one of the solutions that we are concentrating. Not the only one, but one that works”

Ripple is also involved in multiple remittance plans by other banks in Japan, including SBI Holdings, one of the biggest banks in the country which launched the first bank-owned cryptocurrency exchange.

Banks Using Ripple - MUFG

J.P. Morgan Chase

JP Morgan

It’s surprising to find out that this banking giant associates with crypto technology given its CEO’s harsh stance on digital assets. JP Morgan, on the other hand, is connected to Ripple through its partnership with Al Fardan Exchange LLC, a UAE-based financial provider.

The institution seeks to utilize RippleNet to process cross border payments fast and cheaply.


News of Ripple’s partnership with this institution broke in 2016. UBS was one of the first financial businesses to recognize the value of and agree to test RippleNet’s solution. Chris Larsen, the then-CEO of Ripple, would note this at the time.

“This is a major step forward for the global financial system, and as the Ripple network grows, together we are paving the way for new connected commerce opportunities and growing demands for real-time, high volume, low value global payments.”

Sumitomo Mitsui Banking Corporation (SMBC)

SMBC is one of the many banks that make up the SBI Ripple Asia network. The consortium of banks seeks to use Ripple’s technology to aid with cross border transactions. By teaming up with Ripple, SMBC hopes to conquer the slow and costly pain points that hamper cross border transactions today.

Canadian Imperial Bank of Commerce (CIBC)

This North American banking giant began collaborating with Ripple network earlier this year. As is the case with all the financial institutions on the Ripple roster, the goal is to bolster cross-border payment settlement.

The partnership came at a crucial moment as Ripple has been embroiled in a battle with the Securities Exchange Commission, but things aren’t looking bad for the blockchain protocol.

National Bank of Australia (NAB)

NAB’s Ripple association stems from a deal struck with CIBC earlier this year to improve their cross-border payment settlements with each other. Both see potential in Ripple’s ability to deliver cross border payments faster and at lower cost.

PNC Financial Services

PNC might not be the first or second largest bank in America, but it is in the top ten. It boasts over 8 million customers and retail branches in 19 states. The goal is to help its customers get almost instant cross-border payments.

HSBC Holdings PLC

HSBC is the largest bank in Europe. It’s affiliated with Ripplenet through the Saudi British Bank. The goal is to “provide the best banking services to customers, make use of the latest technology and global banking products available, and create methods and means to save time and effort” for its customers.

Credit Agricole

This financial giant tapped into the XRP ledger innovation in 2017 to be able to conduct transactions seamlessly across borders. It was one of the first 100 institutions to seek RippleNet service at the time.

Bank of America

Bank Of America

BAO is another bank that seeks to make use of blockchain technology to aid its processes. Since Ripplenet aims to aid such a bank’s payment system through faster and cheaper cross-border payments. The bank is part of the interbank group for global payments based on blockchain technology.

Learn More About Ripple

Want to learn more about Ripple? Read our guide to Ripple, Ripple Labs, and XRP, a breakdown necessary for any crypto investor. A search for Ripple on our site will bring up the latest XRP articles like coverage on a Ripple strategist claiming XRP is more used than BTC.

Interested in investing in Ripple? You’ll want to start with our XRP price prediction article and then go into our current Ripple technical analysis. (Always do your own research and read the site disclaimer). If you’re interested in buying Ripple, you can learn how to buy XRP on Binance, our suggested exchange for investors.