14 Companies Collaborating With Ripple (XRP)

Bittime - Have you ever imagined what it would be like to send money abroad? Processes that usually take a long time and cost a lot of money can now be completed in seconds at very low costs, thanks to Ripple (XRP) technology. 

This is what makes Ripple increasingly popular among banks and large financial institutions around the world. But, what makes Ripple so attractive to financial institutions? The following is a complete explanation of the advantages of Ripple and several companies that have collaborated with Ripple.

Ripple's advantages for banks

1. High Transaction Speed
   Ripple offers transaction completion in just 3-5 seconds, much faster than many traditional payment systems which take days.
   
    
2. Low Cost
   Ripple has very low transaction fees, around $0.0002 per transaction, even when the network is busy. This provides banks and financial institutions a more cost-effective way to transfer money.
   
    
3. Energy Efficiency
   By using a consensus system that does not rely on energy-intensive processes like Bitcoin, Ripple is much more energy efficient.
   
    
4. Scalability
   Ripple can handle up to 3,400 transactions per second, allowing the system to support very large transaction volumes, which is critical for the needs of banks and large financial institutions.
   
    
5. Solutions for Cross-Border Payments
   Ripple makes international money transfers easier, faster, cheaper, and more secure, providing a highly profitable solution for banks that frequently handle transactions between countries.

Read also: History of Ripple (XRP) that you must know

14 Companies Collaborating with Ripple

Here is a list of 14 banks and financial institutions that have collaborated with Ripple to increase the efficiency of their international payments:

1. Santander (USA) – Global banks leveraging Ripple to speed up cross-border transactions.
2. Canadian Imperial Bank of Commerce (Kanada) – Using Ripple to introduce faster and more efficient international payments.
3. Kotak Mahindra Bank (India) – One of the largest banks in India to integrate Ripple to reduce international transaction costs.
4. Itaú Unibanco (Brazil) – This Brazilian bank uses Ripple to make it easier to send money between countries.
5. IndusInd Bank (India) – Using Ripple technology to improve international payment services.
6. InstaReM (Singapore) – International money transfer service provider joining RippleNet to speed up fund transfers.
7. BeeTech (Brazil) – Brazilian company that uses Ripple to make cross-border transactions easier with low fees.
8. Zip Remit (Kanada) – Providing international money transfer solutions using Ripple technology.
9. LianLian (Cina) – LianLian leverages Ripple to increase high-speed transfer of funds between countries.
10. RAKBANK (UAE) – Bank from UAE collaborating with Ripple to accelerate cross-border payments.
11. IFX (English) – An international payment solutions provider that uses Ripple to speed up transactions between countries.
12. TransferGo (English) – Using Ripple to provide fast money transfer services with low fees.
13. Currencies Direct (England) – Leveraging Ripple to make international payments easier for its users.
14. Airwallex (Australia) – A fintech company that uses Ripple to efficiently facilitate global money transfers.

Read also: XRP Predicted to Break All Time High (ATH) Before January

With the advantages offered by Ripple, more and more banks and financial institutions are joining the RippleNet network, allowing them to transfer funds faster, cheaper and more safely. As a result, Ripple increasingly dominates the cross-border payments market and has become one of the most important innovations in the world of global finance.

FAQ Ripple (XRP)

What is XRP?

XRP is a cryptocurrency designed to make cross-border transactions easier in a fast and low-cost manner, using a decentralized ledger system called the XRP Ledger.

What is the difference between Ripple and XRP?

Ripple is a company that develops payment technology, while XRP is a digital currency used in the RippleNet network for international transactions.

Why is XRP in legal trouble with the SEC?

The SEC sued Ripple for selling XRP as a security without official registration, which is considered a violation of capital market regulations.

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Reference

Aldo Media, List of Companies Using XRP Ripple, accessed December 15, 2024.

Miller, Finn, Which Banks Use XRP? Exploring Ripple’s Global Network, accessed December 15, 2024.

Author: MF