Key Takeaways
- Many banks are choosing RippleNet to make international payments more accessible and cheaper.
- Cuallix was one of the early adopters of xRapid, a Ripple tool that used XRP to make cheaper international payments.
- The National Bank of Abu Dhabi is the first Middle Eastern bank to use Ripple for international transfers.
RippleNet is a system that uses blockchain technology to help banks make transactions faster and cheaper across countries. Many banks use RippleNet and XRP, allowing them to offer their services in new places. With over 100 banks as partners, RippleNet is becoming a big player in the global payments business.
In no particular order, here are some of the biggest banks using Ripple:
American Express Bank
American Express, a famous company that offers credit cards, charge cards, and traveler’s checks, has partnered with RippleNet to make it easier for businesses to send money across borders.
American Express started using blockchain technology for instant payments in September 2023 and chose Ripple and XRP as their primary provider. They are now building a system on RippleNet to help small businesses and their customers with payments. This will help American Express save money, do things faster, and give customers a better experience.
Santander Bank
Santander Bank is a leading financial institution that offers various banking and investing services. It has joined forces with Ripple to make sending money to other countries faster and easier. This service is called One Pay FX. Since then, Ripple has announced that Santander has been trying out RippleNet and other tools available on its blockchain network.
UBS Group AG
Union Bank of Switzerland(UBS), a big international bank from Switzerland, is one of the biggest private banks in the world. It has over $1 trillion in assets.
UBS began testing Ripple technology in 2017 and officially joined RippleNet in 2018 to simplify its payment processes.
Chris Larsen, the head of Ripple, says that many wealthy banks are starting to use Ripple for actual business.
Cuallix
Cuallix, a financial company with over 25 years of experience in Mexico, the United States, and Hong Kong, started working with Ripple in 2017. They offer loans and payment services to individuals and businesses and can personalize their products to meet the specific needs of their customers.
Cuallix was one of the first banks to use xRapid, a Ripple tool that uses XRP to make sending money between the US and Mexico cheaper. Other banks may follow Cuallix’s example and start using xRapid and XRP to send money to other countries.
J.P. Morgan Chase
Unexpectedly, this big bank is working with crypto technology, considering its CEO’s doubt on digital assets. However, JP Morgan is connected to Ripple through its partnership with Al Fardan Exchange, a company based in the United Arab Emirates.
J.P. Morgan Chase officially announced in August 2024 that it is now accepting XRP for both credit card and mortgage payments. This is part of their bigger plan to use blockchain technology and digital money in their services.
First Abu Dhabi Bank
The National Bank of Abu Dhabi, now First Abu Dhabi Bank, is the largest in the Middle East and North Africa.
Even though it is the first Middle Eastern bank to use Ripple for international money transfers, its large global network makes it particularly well-suited for Ripple’s cross-border solutions, especially for its remittances (worth $19 billion annually).
Why Are Banks Adopting Ripple?
Ripple is a popular choice among banks worldwide for several reasons, including fast transaction speeds, low fees, and an energy-efficient consensus mechanism. Ripple Labs has designed Ripple for the world’s largest financial players, while other blockchains like Bitcoin and Ethereum serve the masses.
Fast Transactions—Ripple can confirm payments much faster than traditional methods, making it great for sending money across borders.
Low Costs—Ripple charges very little to send money, even when many people are using it.
Suitable for the Environment – Ripple uses much less energy than old-fashioned payment systems, which is better for the environment.
Can Handle a Lot—Banks and businesses need systems that can handle multiple payments, and Ripple is built to do that.
Final Thoughts
RippleNet is a valuable tool for banks looking to improve their international payment systems. It helps banks send money between countries faster, cheaper, and in a way that’s better for the environment. RippleNet is quick, has low fees, and can handle many payments simultaneously. As banks see how good It is, we can expect it to become even more popular.
Check out these related articles.
