Some major banks around the world use XRP to make international payments faster and cheaper. Unlike many other cryptocurrencies, XRP was built to help financial institutions move money across borders in just seconds, instead of days.
Banks like Santander and PNC have started to use XRP or RippleNet technology for certain transactions, especially for settling payments between different countries. As digital assets become more common, more banks are looking into XRP to save costs and offer better services to their customers.
Large global banks and financial firms have begun integrating XRP and Ripple’s network to support faster, lower-cost international payments. These organizations use Ripple and XRP to process cross-border transactions, boost liquidity, and serve customers making global transfers.
Bank of America is one of the most well known US banks to collaborate with Ripple for improving international money transfers. It has tested Ripple’s solutions for cross-border payments, aiming to reduce settlement times and cut down fees for its clients.
By using RippleNet, Bank of America can tap into a network allowing nearly instant movement of funds across borders. This gives customers faster access to their money when sending or receiving international transfers.
Other US-based financial firms, while sometimes more cautious, are exploring or piloting Ripple technology to modernize their payment systems. For major institutions like Bank of America, these systems are important for staying competitive against newer fintech companies.
SBI Holdings is a leading financial services group in Japan. Through its subsidiaries SBI Remit and SBI Ripple Asia, the company is a pioneer in applying XRP for real-world remittances and payments.
SBI Remit uses XRP to quickly send remittances from Japan to other Asian countries, cutting transfer time from days to seconds. This benefits customers by delivering funds nearly instantly and lowering the overall cost of sending money abroad.
SBI Ripple Asia focuses on expanding Ripple technology throughout the Asian banking sector. By building partnerships with other banks in the region, this group is helping to grow RippleNet’s reach and drive XRP’s adoption for international transactions.
Santander, a major global bank based in Spain, was an early adopter of RippleNet for cross-border payments. Its app, One Pay FX, gives customers the ability to send money internationally with faster processing and clear upfront fees.
One Pay FX uses Ripple’s network for payments between several countries. Customers get more transparency compared to traditional wire transfers, knowing exactly when funds will arrive. The use of Ripple solutions has helped Santander improve reliability in global payments, especially for European and Latin American customers.
Santander continues to test XRP for liquidity in some corridors, aiming to deliver even better service for personal and business customers that make frequent international transfers.
PNC Bank is one of the largest banks in the United States and joined RippleNet to streamline cross-border payments. It was the first major US bank to adopt Ripple’s technology for commercial clients.
By using RippleNet, PNC allows business customers to receive international payments in real time. This helps companies manage cash flow more efficiently and meet the needs of clients in global markets.
The bank’s integration of XRP and Ripple’s systems suggests that there is growing interest from large US institutions in new payment technologies. PNC’s move supports easier, faster, and less expensive international transactions for a wide range of its business clients.
Standard Chartered, a major global bank, has taken concrete steps to use RippleNet and explore XRP for payments. It mainly focuses on speeding up transactions between Asia, the Middle East, and Africa. By partnering with Ripple, it aims to provide its clients with faster and more reliable cross-border transfers.
MUFG, or Mitsubishi UFJ Financial Group, is one of Japan’s largest financial conglomerates. It joined RippleNet to improve the efficiency of its overseas payment services. MUFG’s main goal is to support instant remittances, especially between Japan and countries like the United States and Thailand.
These two banks represent a strong interest from both Western and Asian financial institutions in blockchain solutions. They show how collaboration with Ripple and XRP can help traditional banks adapt to new technology.
BeeTech and Bitso are key players in Latin America using XRP and RippleNet to transform remittances. BeeTech, a Brazilian payments company, uses RippleNet to help users send money across borders. It makes payments cheaper and faster, which is important for Latin American families and businesses.
Bitso, a major crypto exchange based in Mexico, connects remittance services between the U.S. and Latin America. By leveraging XRP, Bitso allows thousands of users to move funds instantly. Its partnership with Ripple has led to significant growth in cross-border transactions.
Latin America benefits from these changes due to high levels of immigration and need for fast, low-cost payments. Companies like BeeTech and Bitso make an impact where traditional banking has struggled.
Siam Commercial Bank (SCB) in Thailand has taken the lead among Southeast Asian banks by adopting RippleNet and exploring XRP. SCB uses this technology to offer instant international payments. Southeast Asia is a region with millions of migrant workers, so faster remittances matter to both banks and customers.
<iframe width=”560” height=”315” src=”https://www.youtube.com/embed/H_T-epulUfU?si=aT1gb52SRAQvwJ5M” title=”YouTube video player” frameborder=”0” allow=”accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share” referrerpolicy=”strict-origin-when-cross-origin” allowfullscreen></iframe>By integrating Ripple’s solutions, SCB reduces transaction times from days to seconds. This lets the bank stand out in a competitive regional market and better serve customers sending money back home.
SCB’s use of XRP also inspires smaller banks and fintechs in Southeast Asia to consider similar upgrades. The regional push for digital banking is helping RippleNet—and XRP—gain more acceptance.
Banks connect to RippleNet, which uses XRP as a bridge currency for cross-border payments. This lets them send money worldwide in seconds, instead of days. Some banks and payment providers hold XRP to use for instant transfers between currencies and countries.
XRP helps banks settle transactions quickly, often in just a few seconds. This speed can reduce the need to keep extra money in foreign accounts. By lowering the number of intermediaries, XRP can also cut overall costs for global settlements.
Banks must follow both local and international rules about digital assets. XRP's status as a cryptocurrency sometimes brings extra legal checks. Some countries have not set clear guidelines, which can slow adoption. Overall, banks often work with regulators to make sure they are compliant.
Using XRP often means lower fees compared to traditional payment methods. This is because transactions go through fewer steps and avoid high wire charges. Processing times with XRP drop from days to just seconds, making payments much faster.
Ripple works with banks to meet rules set by global regulators, such as anti-money laundering (AML) and know your customer (KYC) requirements. They partner with licensed financial institutions and follow international payment standards. Ripple also updates its system to keep up with new laws and standards.
By Coinpaper
about 5 hours ago
