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Banks That Are Currently Using Ripple XRP Technology

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Banks Accepting Ripple XRP

Ripple or RippleNet is an Internet-based real-time gross settlement (RTGS) system that is aiming to revolutionize our payment systems. The Ripple platform includes an open-source distributed Internet protocol, consensus ledger, and a native cryptocurrency called XRP.

The main thing that sets Ripple apart from all the other cryptocurrencies is that it is not just a cryptocurrency. It is more than that!

Our payment systems are still something from the last century for a generation that lives and breathes in technology. We have hardly made any progress in the field of payment processing.

Suppose Mukesh, who lives in India, wants to send some money to Alice, who lives in the US.

Generally, Mukesh has three choices – bank wire the money to Alice, use a person-to-person money order service like the Western Union, or use a payment gateway like PayPal.

Now in all of those cases, the fees are not negligible amounts. These payment solutions are not real-time at all; they take anywhere between 3-10 days to process. Now you may argue that PayPal is real-time. Yes, PayPal is somewhat real-time.

I’m saying this somewhat because, although the amount reaches the PayPal wallet instantaneously, withdrawing the money from your PayPal wallet to your bank account takes time.

And this is where Ripple comes and sets itself a class apart from all the blockchain-based protocols.

Read –

Solutions And Services Provided By Ripple

solutions of XRP

Launched in 2012, Ripple is not only an RTGS network but it also provides currency exchange and remittance services. RippleNet provides mainly three types of solutions right now. Banks can process cross-border payments for their customers using RippleNet’s xCurrent solution.

Payment providers can source liquidity on-demand using RippleNet’s xRapid solution. Businesses also can plug into RippleNet to send payments using xVia.

While traditional bank wire service uses a handful of intermediaries to process overseas payments, Ripple allows two banks to connect without intermediaries.

Using Ripple’s blockchain, banks can offer competitive transaction fees as well as currency conversion fees.

Ripple uses a dynamic currency conversion technique that allows Ripple always to offer the lowest exchange rate.

Suppose I am paying with INR, and the end party only accepts USD. In that case, Ripple will find the best conversion rate for the INR-USD pair. It may directly convert the INR to USD, or it may convert the INR to GBP and that GBP to USD, depending on the final exchange fees.

Currently, Ripple recognizes a few fiat currencies like USD, GBP, EUR, etc., commodities like gold, silver, platinum, and a handful of popular cryptocurrencies like BTC, LTC, the native cryptocurrency XRP, etc.

Ripple transactions are very fast – in general, it takes only about 5 seconds for a Ripple payment to go through. You don’t have to take my word for it. Try sending XRP to your friend or an exchange. You will see.

Currently, Ripple can also process 1500 transactions per second, a number that is 500x higher than Bitcoin’s TPS. RippleNet also can scale this even further and reach as many as 50,000 transactions per second.

Partner Banks And Companies

banks that accept ripple

Huge corporates and banks have realized that Ripple has a lot of potentials. So they have partnered with Ripple to become a part of this mission to revolutionize the global payment system. Popular banks like Standard Chartered, RBC, SBI, Axis have already partnered up with Ripple.

A few days back, Axis bank revealed that their RippleNet connection with Standard Chartered and RakBank of UAE is up and running.

Not only this, corporate giants like Accenture, Deloitte, Santander, UBS, UniCredit, etc., are also supporting Ripple.

I have listed down all the known and active partnerships down below:

  1. Accenture
  2. Akbank
  3. ATB Financial
  4. Axis Bank
  5. Banco Bilbao Vizcaya Argentaria (BBVA)
  6. BMO Financial Group
  7. Cambridge Global Payments
  8. Canadian Imperial Bank of Commerce (CIBC)
  9. CBW Bank
  10. CGI Group
  11. Cross River Bank
  12. Davis + Henderson (D+H)
  13. Deloitte
  14. Earthport
  15. Expertus
  16. eZforex
  17. Fidor Bank
  18. Mitsubishi UFJ Financial Group (MUFG)
  19. Mizuho Financial Group (MHFG)
  20. National Australia Bank (NAB)
  21. National Bank of Abu Dhabi (NBAD)
  22. ReiseBank
  23. Royal Bank of Canada (RBC)
  24. Santander
  25. SBI Holdings
  26. SBI Remit
  27. Shanghai Huarui Bank (SHRB)
  28. Siam Commercial Bank (SCB)
  29. Skandinaviska Enskilda Banken AB (SEB)
  30. Standard Chartered
  31. Star One
  32. Credit Union
  33. Tas Group
  34. Temenos Group
  35. UBS
  36. UniCredit Group
  37. Volante Technologies
  38. Westpac Banking Corp
  39. Yantra Financial Technologies
  40. Yes Bank

The banks and companies listed down below are also experimenting with the RippleNet:

  1. Aeon Bank
  2. Aomori Bank
  3. Ashikaga Bank
  4. Australia and New Zealand Banking Group (ANZ)
  5. Awa Bank
  6. Bank of England
  7. Bank of the Ryukyus
  8. Bank of Yokohama
  9. Chiba Bank
  10. Chugoku Bank
  11. Commonwealth Bank of Australia
  12. Daiwa Next Bank
  13. DBS Group Holdings
  14. Fukui Bank
  15. Gunma Bank
  16. Hachijuni Bank
  17. Hiroshima Bank
  18. Hokuriku Bank
  19. Hyakugo Bank
  20. Iyo Bank
  21. Juroku Bank
  22. Keiyo Bank
  23. Michinoku Bank
  24. Mizuho Financial Group
  25. Musashino Bank
  26. Nishi-Nippon City Bank
  27. North Pacific Bank
  28. Oita Bank
  29. Orix Bank Corporation
  30. Resona Bank
  31. Royal Bank of Scotland (RBS)
  32. San-in Godo Bank
  33. SAP
  34. SBI Sumishin Net Bank
  35. Senshu Ikeda Bank
  36. Seven Bank
  37. Shimizu Bank
  38. Shinkin Central Bank
  39. Shinsei Bank
  40. Sikoku Bank
  41. Sony Bank
  42. Sumitomo Mitsui Trust Bank
  43. Suruga Bank
  44. The 77 Bank
  45. The Daishi Bank
  46. The Nomura Trust & Banking Co.
  47. Tochigi Bank
  48. Toho Bank
  49. Tokyo Star Bank
  50. Tsukuba Bank
  51. Western Union
  52. Yachiyo Bank
  53. Yamagata Bank
  54. Yamaguchi Bank

Future Of Ripple

In my humble opinion Ripple is the future of payment processing and overseas transactions. Banks and corporate giants are already trialing Ripple’s blockchain technology to minimize transaction costs and maintain a trustless distributed ledger.

Unlike most other cryptocurrencies, Ripple is PoS based which means it requires validators or forgers instead of miners. This list of validators includes top ISPs and even MIT. Plus, being PoS based makes operating Ripple environmentally friendly too.

You don’t need power-hungry special equipment for validating. Even SoCs can operate as validator nodes if proper software is installed. Compare that to Bitcoin mining – an industry that consumes as much as 30 TWh electricity a year, more significant than the yearly consumption of 159 countries!

The native cryptocurrency of Ripple, i.e., XRP, is also showing very promising figures. It has a market cap of $10 billion, which makes it the 7th popular cryptocurrency in terms of market cap, just after Bitcoin.

If you’d like to know more about XRP and my predictions regarding it for 2020 then check this post – Prediction of Ripple XRP.

If you would like to know more about cryptocurrencies in general and learn how to invest in them then please read this article – Fundamentals & Investments in Cryptocurrency.

And as always, thanks for reading. I hope I was able to answer all your questions!

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yumi hirsch
yumi hirsch
27 days ago

whats your take on the sec terror against ripple i hope it gets stopped

Soham Pratap
Admin
27 days ago
Reply to  yumi hirsch

XRP has been caught in some trouble right now. If they get their way out of the situation then there’s a chance of recovery. Just a reminder any thing can happen in crypto.

Robert
Robert
8 days ago

I read what you posted and sure Ripple has partnered with banks. But is XRP being used in production by any bank? Seems Ripple has a suite of apps for banks that does not include XRP
Is this undermining XRP?

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