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Five new financial platforms will use XRP for international payments

The company behind cryptoactive XRP, Ripple, reported that five new financial platforms will start using cryptocurrency to make cross-border payments.

The startup highlighted that JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will use XRP to “obtain liquidity” and “send payments on behalf of their clients”. Ripple also announced that 8 other financial institutions joined the RippleNet, but will not use the cryptoactive as a mechanism to meet the demand for liquidity.

Brad Garlinghouse, CEO of Ripple, said, through a statement, that during 2018 there was an increase in the number of companies to send faster payments. “We saw a 350 percent increase last year in customers that send live payments, and we’re starting to see more customers (…) leveraging XRP for demand liquidity.”

The five new startups develop the following lines of business: JNFX is a currency exchange firm based in London; SendFriend is a fintech based in New York for the global remittance market; Transpaygo is a small company, based in Vienna, for mobile payments; The Financial Transaction Control Systems (FTCS) is a company, based in Stockholm, that develops financial infrastructure and the Euro Exim Bank is a London bank, founded in 2015, which operates on the Caribbean island of Saint Lucia.

RippleNet with more than 200 clients

The platforms join the RippleNet together with 8 other institutions that will not operate with XRP. These are Ahli Bank of Kuwait, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual / USEND and Rendimento, according to Ripple. With these 13 additions, they add more than 200 clients that operate in the RippleNet.

On the new partnership with Ripple, Kaushik Punjani, director of Euro Exim Bank, said: “We are in a unique position to offer new payment channels and ways to obtain liquidity. Our customers, whether large companies or individual senders, have historically been restricted to obtain adequate funds or settle transactions in a profitable and timely manner. ”

Ripple uses distributed accounting technology (DLT) in a centralized network, in which banks and financial institutions are its main participants. The partners use the RippleNet for messaging, clearing and settlement of transactions. The network currently operates in more than 40 countries on six continents, according to information provided by the company itself.

The cryptoactive XRP remains one of the most demanded by operators in the crypto market. At the time of writing this article, its unit price is US $ 0.3690, according to CoinMarketCap.

Although, in its initial design, cryptocurrencies were created so that users could achieve greater independence from banks, more and more traditional financial institutions seeking to adapt to cryptoactives are joining. This with the intention of offering new products and financial services.

Published inFintechStartupsTechnology

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