RippleNet reaches the milestone, exceeds 200 customers


SAN FRANCISCO – (BUSINESS WIRE) – January 8, 2019 – Ripple, a leading provider of payment business blockchain solutions, today announced that 13 new financial institutions have signed up for the company's payment network, RippleNet. The companies include Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual / USEND and Performance. With these additions, there are now more than 200 registered customers for RippleNet.

JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will use the XRP digital asset to raise cash on demand when sending payments on behalf of their clients. The use of XRP for liquidity when sending a cross-border payment helps financial institutions avoid the hassle of pre-financing accounts in the target currencies. It allows them to make payments faster and lower than they can with the traditional banking system.

For RippleNet financial institutions that currently do not use XRP for liquidity but are interested in an immediate deal, such as the Olympia Trust Company, they are able to leverage Ripple technology and modern APIs for faster payments, at lower costs and more transparent.

Kaushik Punjani, Director of Euro Exim Bank: "As a leader in commercial finance solutions for global and fintech companies, we are in a prime position to offer new payment channels and methods to raise liquidity: our clients, whether they are large corporates or individuals remitters, have historically been excluded from obtaining adequate funds or settling transactions in an economically efficient and timely manner.Working in collaboration with Ripple and selected counterparties, we have designed, tested and implemented both xCurrent and xRapid in record time, and not we look forward to seeing the benefits our customers will bring. "

David Lighton, founder of SendFriend: "The current banking system is slow, inefficient and expensive." 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 for To do just that: Through our partnership, we are bringing to our customers a next-generation blockchain payment solution that leverages XRP to solve many of the problems of efficiency and equity with existing remittances. cheap and fast ".

Ashay Mervyn, Head of Emerging Markets, JNFX: "Payments between countries are characterized by inefficiencies, cost inefficiencies, speed inefficiencies and inefficiencies related to transparency." RippleNet is specifically focused on solving these problems. customers ranging from the largest African conglomerates (with operations and commitments in over 40 countries) to people in rural Nigeria villages, our decision to join RippleNet and use their payment solution – including XRP for on-demand liquidity – It makes sense. "

"In 2018, almost 100 financial institutions joined RippleNet, and we now sign two, sometimes three new customers a week, and we also saw a 350% increase last year for customers who send payments in real time and we are starting to see a More customers who overturn the exchange and take advantage of XRP for on-demand liquidity, "said Brad Garlinghouse, CEO of Ripple. "At the end of the day, our goal is to make sure that our customers can offer excellent and efficient cross-border payment experiences for their customers wherever they are in the world."

RippleNet currently operates in over 40 countries on six continents. If you are interested in learning more, visit here.

About Ripple

Ripple offers a unique experience to send money around the world using the power of the blockchain. By joining Ripple's growing global network (RippleNet), financial institutions can process payments from their customers anywhere in the world instantly, reliably and economically. Banks and payment providers can use the XRP digital asset to further reduce costs and access new markets. With offices in San Francisco, New York, London, Mumbai, Singapore and Sydney, Ripple has more than 200 customers worldwide.

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CONTACT: Tom Channick

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SOURCE: Ripple

Copyright Business Wire 2019.

PUB: 01/08/2019 10:00 AM / DISC: 01/08/2019 10:01 AM

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