Ripple Labs has announced that its network of clients has surpassed the 200 mark with the inclusion of 13 new financial institutions.

Ripple Clocking Steady Growth

Ripple Labs Inc. is the US-based fintech company behind the blockchain based payment solution created specifically for banking and financial services sector.

The firm has been focused on onboarding new banks and financial institutions to its network of clients despite the downslide in the cryptocurrency market. And it shows in the way Ripple’s network has been growing consistently.

Ripple announced yesterday the inclusion of 13 new banks and financial services institutions to its payment solution network RippleNet.

The new clients include Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND, and Rendimento.

With these latest acquisitions, the list of organizations that have signed up for RippleNet has crossed the 200 mark worldwide.

Brad Garlinghouse, CEO of Ripple, spoke about the milestone achievement:

In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two – sometimes three – new customers per week. 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.

Some Clients to Use XRP for Payments

A few customers including JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank intend to leverage the digital asset XRP to source liquidity on-demand for payments on behalf of their customers.

Using XRP for cross border payments helps the firm’s clients “avoid the hassle of pre-funding accounts in destination currencies.” At the same time, it enables instant and low-cost payments compared to the existing traditional banking systems.

Other clients on RippleNet like CIMB or Olympia Trust Company that currently don’t use XRP for liquidity, leverage the alternate solution for quick settlements.

Client Reactions

Ripple Labs’ clients have been both quick and effusive in their praise of the company.

Kaushik Punjani, Director of 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 of 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 at 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.

What are your thoughts on RippleNet crossing the 200 customers milestone? Let us know in the comments below.

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