Ripple Adds 2 Banks, 3 Payment Providers as Network Partners

Feb 22, 2018 at 12:06

Ripple is further growing its reach, especially into emerging markets such as India, Brazil and China.

Five new financial institutions—two banks and three payment providers—have joined RippleNet.

The most notable is Itaú Urbanico, which is Brazil’s largest private sector bank and Latin America’s biggest bank by market capitalzaiton.

The list also includes IndusInd, a leading private sector bank in India; InstaReM, a major remittance provider based in Singapore; global remittance provider Beetech in Brazil and Zim Remit in China.

Ripple said the first three—Itaú Urbanico, IndusInd and InstaReM will use xCurrent to provide faster, more transparent cross-border payments to other financial institutions around the world.

InstaReM will take advantage of RippleNet’s network to connect their customers to over 60 countries worldwide.

ItPrajit Nanu, co-founder and CEO of InstaReM, said joining RippleNet will serve as an additional bridge into broader Southeast Asia for other RippleNet members.

The company is able to send funds to over 3 billion people around the world, with a growing customer base of over 40,000 businesses and individuals.

“Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails,” Nanu said.

Meanwhile, Beetech and Zip Remit will use xVia to open payment corridors for their customers around the world.

These companies will also look to establish a connection for their customers into China, an opportunity that is now possible thanks to the recent addition of LianLian International to RippleNet earlier this month.

Patrick Griffin, Ripple’s head of business development, said providing faster cross-border transactions at a lower cost is especially crucial for customers in emerging markets.

RippleNet boasts of savings both in time and money with its end-to-end communication and ability to settle transactions instantly.

“The payments problem is a global problem, but its negative impact disproportionally affects emerging markets,” Griffin said.

“Whether it’s a teacher in the US sending money home to his family in Brazil, or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them,” he said.