Ripple, the only Blockchain payments provider with proven commercial deployments, announced today the addition of 10 new customers to its growing global network. These financial institutions include MUFG,BBVA, SEB, Akbank, Axis Bank, YES BANK, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com, representing some of the world’s largest banks, innovative smaller banks and payment service providers (PSPs). These customers have all turned to Ripple as the Blockchain solution that solves the problems of speed, scalability and costs associated with the old way of conducting global payments.
“The world’s largest banks have been the first to adopt Ripple’s technology, and the network effect from our customer base is accelerating,” said Ripple CEO Brad Garlinghouse. “People know Ripple is the only Blockchain solution for payments that is proven in the real world, and it’s driving demand from financial institutions of all kinds and sizes because they want to stay ahead of the curve.”
This new group of customers showcases how Ripple can drastically reduce the time and cost associated with global transactions for a breadth of financial institutions, including the following use cases:
- BBVA, one of the top 50 largest banks in the world, is using Ripple to enable real-time payments between Europe and Mexico.
- Digital banking pioneer and one of Turkey’s largest private banks, Akbank, is the first bank in Turkey to adopt Blockchain and is a model for other banks who want to make faster cross-border payments without the need for correspondents.
- Star One is the first credit union to offer Ripple remittances to customers via eZforex.com, demonstrating how smaller banks can lower costs and achieve much greater reach for their customers.
- Cambridge Global Payments and Earthport are collaborating with Ripple to improve the customer experience, increase the reach and reduce the cost of real-time cross-border payments.
Today’s news follows last week’s release of Ripple’s Q1 2017 XRP Markets Report highlighting the tremendous growth in adoption of the digital asset XRP with $6.7MM purchased during the quarter. Growing volume for XRP strengthens it as a solution for banks and PSPs interested in lowering liquidity costs for their global payments.
Several of the financial institutions commented on their use of Ripple’s Blockchain network:
Hirofumi Aihara, General Manager, Bank of Tokyo-Mitsubishi UFJ, a member of MUFG:
“We are very pleased to be working with Ripple to provide new types of payments services to change our customers’ experience using the power of the Blockchain technology. To demonstrate our commitment to the technology, we are joining the Japan Bank Consortium to collaborate with other Japanese banks move to commercial use of Ripple’s global network. I do believe we can bring our experience from the Japan Bank Consortium to the Global Payments Steering Group.”
Tolga Ulutaş, Executive Vice President in charge of Akbank Direct Banking:
“We are excited and happy to be the first bank in Turkey to take the important step of using Blockchain technology for international money transfer services. We believe that this new phase in technology will increase speed and transparency for our customers while at the same time reducing costs and providing a higher quality of service.”
To learn more about Ripple’s solutions and relevant use cases for financial institutions, please visit Ripple.com.
Ripple provides global financial settlement solutions to ultimately enable the world to exchange value like it already exchanges information – giving rise to an Internet of Value (IoV). Ripple solutions lower the total cost of settlement by enabling banks to transact directly and with real-time certainty, optionally using the digital asset XRP to further reduce liquidity costs. Banks around the world are partnering with Ripple to improve their cross-border payment offerings, and to join its growing, global network of financial institutions and liquidity providers.
Ripple is a venture-backed startup with offices in San Francisco, New York, London, Sydney and Luxembourg. As an industry advocate for the Internet of Value, Ripple sits on the Federal Reserve’s Faster Payments Task Force Steering Committee and co-chairs the W3C’s Web Payments Working Group.
- 18 Organisations Launch The Convergence Alliance To Enable A New Open Data Economy Built On The Decentralized Web - July 9, 2019
- Bittrex Acquires Tradedash - July 3, 2019
- Korea’s Cube Systems Rolls Out New Blockchain eCommerce Platform - July 3, 2019
- Clinlogix Joins ALTEN Calsoft in Launching Blockchain for Clinical Trials - July 3, 2019
- Binance Charity forms alliance with 46 companies to unveil a stablecoin for the alleviation of period poverty - July 3, 2019
- Nestlé Breaks from IBM Food Trust Blockchain Group for New Milk Supply Chain Trial - July 3, 2019
- Tokeny Solutions Digital Asset Platform Gets €5 Million Backing from Euronext - July 3, 2019
- Blockchain Venture Capital Funding Reaches $822 Million in 2019 - July 1, 2019
- Toronto’s Creative Destruction Lab Joins Facebook’s Libra Association - June 19, 2019
- Australia’s Power Ledger to bring P2P Energy Trading to Austria - June 19, 2019
- Litecoin Foundation Teams Up With Bibox And Ternio On Special Edition Litecoin Debitcard - June 19, 2019
- US Legislators Call for Halt to Facebook’s Cryptocurrency Plans – And to Face Congress - June 19, 2019
- Hyperledger Welcomes Diverse Line-up of New Members for Identity Project - June 18, 2019
- Facebook Announces Calibra Digital Wallet and Libra Cryptocurrency - June 18, 2019
- MIT Professor Silvio Micali’s Algorand Project Announces Date for First Auction - June 6, 2019
- SEC sues Canadian Messaging Service Kik Selling Unregistered Securities in its $100 million ICO - June 4, 2019
- CrowdEngine Teams Up With Polymath Adding Security Token Issuance to List of Crowdfunding Services - June 3, 2019
- Bitcoin Inc. CEO Morgan Rockcoon Busted – 21 Months in Prison and Fines - June 3, 2019
- Reshaping a Nation’s Logistics Sector: Singaporean Blockchain Company PLMP Cuts Multimillion Dollar Deal With Indonesia - June 3, 2019
- Swisscom TV Opens Blockchain-based Art Gallery - June 3, 2019