Do banks work with ripple XRP

Do banks work with Ripple XRP?

The question do banks work with Ripple XRP has seen a major uptick now that Judge Torres ruled in favour of Ripple in the SEC versus Ripple security lawsuit. The simple answer is yes, banks have been working with Ripple for many years now despite the lawsuit.

Which banks work with Riplle XRP?

Bank of America (USA)

The second-largest bank in the USA in terms of asset value, Bank of America (BofA), has partnered with Ripple for several years.

Additionally, their collaboration has been instrumental in setting up RippleNet’s compliance standards for international payments.

PNC Bank (USA)

PNC Bank joined Ripple in 2016 to improve its network speed. With 12 million users, the RippleNet service allows the bank to facilitate quick payments.

Siam Commercial Bank (Thailand)

The first bank in Thailand, Siam Commercial Bank (SCB), adopted Ripple in 2020. The bank launched the SCB Easy app, which runs on Ripple and allows customers to make instant, low cost payments to family and friends outside Thailand.

Santander Bank (USA)

Santander Bank has been using Ripple since 2018. This adoption enabled them to launch the One-FX service, which facilitates cross-border payments between US and EU customers.

Longstanding bank partnerships of Ripple XRP

Standard Chartered Bank (UK)

The UK-based Standard Chartered Bank partnered with Ripple in 2016. This collaboration enabled the bank to open payments to customers in over 50 countries in its network.

Cuallix (Mexico)

Cuallix partnered with Ripple in 2017. As one of the early adopters of XRP’s liquidity products like xRapid, Cuallix facilitates cross-border payments between Mexico and the USA.

SBI Remit and SCB are both using Ripple’s enterprise blockchain solution to enable instant remittance services.

Wise words: Which Banks Use Ripple XRP?

In conclusion, despite the challenges of adopting blockchain technology for international banking, Ripple XRP holds a strong position in the industry.

Furthermore, many banks favor it due to its operational advantages, and it presents numerous use cases. Boasting incredible transactions per seond (tps) banks will certainly choose this option for scaling.

Ripple XRP will expand into new regions and gain adoption by more financial institutions in the coming years.

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