Blockchain-based payments and global financial settlement solution provider Ripple just recently announced the addition of 10 new financial institutions, including banks and other payment service providers, to its global payments network.
The FIs will leverage Ripple’s network as a means to address the problems of speed, cost and scalability in the global, cross-border payment space. Ripple’s solutions enable financial institutions to lower settlement costs by enabling direct, real-time transactions.
“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 Brad Garlinghouse, CEO of Ripple. “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.”
Among the new customers include BBVA, one of the top 50 largest banks in the world, which will reportedly leverage Ripple to enable real-time payments between Europe and Mexico. Credit union Star One will offer Ripple remittances to its customer base.
Amresh Acharya, group president and head of Global Indian Banking at YES BANK, one of the 10 financial institutions that signed on with Ripple, was quoted as saying: “India is the largest recipient of personal remittances in the world, and as a leading Indian bank with a strong focus on technology, we are glad to partner with Ripple to realize the enhanced efficiencies of blockchain for real-time cross-border payments. This partnership is a continuation of YES BANK’s ethos of using state-of-the-art technology innovation to offer a superior banking experience to our customers.”
The addition of these financial institutions to Ripple’s network not only speaks to the growing success of the venture-backed startup — it also indicates a continuing growth in global interest around the capabilities that blockchain and blockchain-based technologies can provide within the broader financial industry.