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RippleNet Crosses 200 Customer Mark Globally

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Ripple's enterprise blockchain payments network RippleNet surpassed the 200 customers mark globally after 13 new financial institutions signed up for the payments network.

The new additions are Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Co., Pontual/USEND and Rendimento.

JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will leverage Ripple's digital asset XRP to source liquidity on-demand when sending payments on behalf of their customers.

The use of XRP helps financial institutions avoid the hassle of pre-funding accounts in destination currencies. It allows them to make faster, lower cost payments than they can through the traditional correspondent banking system.

Meanwhile, financial institutions such as CIMB or Olympia Trust Co., who are not looking at liquidity but interested in immediate settlement, will leverage Ripple's technology and APIs for faster, lower cost and more transparent payments.

Euro Exim Bank said it has worked collaboratively with Ripple and selected counterparts to design, test and are implementing both of RippleNet's payment settlement solutions, xCurrent and xRapid, to the benefit of its customers.

Ripple CEO Brad Garlinghouse said nearly 100 financial institutions joined RippleNet in 2018, with a 350 percent surge in customers sending live payments from last year. Ripple is currently signing two to three new customers per week.

RippleNet is a single entity that is formed of a network of banks that execute transactions via Ripple's distributed blockchain technology. It mitigates some of the inefficiencies in the current global payments systems. It has recently expanded its reach to over 40 countries and six continents.

Transactions using RippleNet payment solutions claim to provide savings of 40-70 percent compared to the charges of foreign exchange brokers. An average transaction also takes just over two minutes, compared to the current average of two to three days when sending cross-border payments.

It will also provide end-to-end tracking of the entire cross-border payments transaction between RippleNet members on blockchain. Ripple's XRP is claimed as the best digital asset for payments and acts as a bridge currency for cross-border payments.

Japan's MUFG Bank was one of the first customers to join RippleNet. The most recent joining's are Malaysian bank CIMB, U.S.-based PNC Bank, UAE Exchange and Indian private sector lender Kotak Mahindra Bank.

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