This integration makes AMINA Bank, which is a Swiss Financial Market Supervisory Authority (FINMA)-regulated crypto bank with global reach, the first European bank to use this solution from Ripple, a FinTech company offering crypto solutions for businesses, according to a Friday (Dec. 12) press release.
AMINA Bank Chief Product Officer Myles Harrison said in the release that the integration of Ripple Payments will be especially valuable for cross-border stablecoin transactions.
“Our clients need payment infrastructure that can handle both fiat and stablecoin rails simultaneously, but traditional correspondent banking networks weren’t designed to support this,” Harrison said. “With Ripple’s support, we are now able to significantly increase our capability, reducing cross-border friction and helping our crypto-native clients maintain their competitive edge.”
Ripple Payments processes over $95 billion in volume, according to the release. It is licensed and is now available in seven countries: Australia, Brazil, Dubai, Mexico, Singapore, Switzerland and the United States.
“Through our licensed payments technology, we are providing a crucial bridge between fiat and blockchain rails to AMINA Bank’s clients, giving them access to seamless payments using Ripple USD (RLUSD) and other stablecoins, as well as the ability to make rapid payouts in multiple currencies,” Cassie Craddock, managing director, UK and Europe at Ripple, said in the release.
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Ripple announced Dec. 1 that it was set to expand its payments services in Singapore after the Monetary Authority of Singapore (MAS) approved an expanded scope of payment activities for the major payment institution (MPI) license held by its Singapore subsidiary.
In November, Ripple announced that it achieved a valuation of $40 billion following a $500 million strategic investment from funds managed by affiliates of Fortress Investment Group, affiliates of Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace.
“This investment reflects both Ripple’s incredible momentum, and further validation of the market opportunity we’re aggressively pursuing by some of the most trusted financial institutions in the world,” Ripple CEO Brad Garlinghouse said at the time in a press release.
