RippleNet expands into emerging markets

Additional 5 international financial institutions have joined Ripple
21 February 2018   1345

Banks from Brazil (Itau Unibanco) and India (IndusInd) along with remittance providers from Singapore (InstaReM), Brazil (Beetech) and Canada (Zip Remit) joined the ranks of members of the enterprise blockchain solution for global payments. This announcement with an earlier partnership with China (Lianlian) brings Ripple even closer to the so called 'emerging markets'. With the partners base of more than 100 organizations worldwide, Ripple allows its members access and exchange payment information between each other and finalize the transactions in an instant.

We are pleased to partner with Ripple. Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails.

 

Prajit Nanu

Co-founder and CEO, InstaReM

On top of that, with the application of a blockchain technology the costs of transactions and the transfer times get drastically decreased. It is reported that IndusInd and InstaRem will use Ripple's xCurrent platform to improve cross-border payments to other financial institutions globally; and Beetech with Zip Remit will use xVia to deal with global payments for their respective customers.

The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. 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.

 

Patrick Griffin

Head of business development, Ripple

Santander to Deny XRP Token Usage Info

It turned out that bank uses xCurrent in One Pay FX instead of XRP token for international payments, as it stated earlier
25 March 2019   99

Santander, a large Spanish bank, in its Twitter spread incorrect information about cooperation with Ripple.

And although the majority of cryptocurrency holders reacted positively to the statement of Santander, some of them drew attention to the fact that this news had no effect on the growth of XRP trading volume.

It soon became clear that the bank provided incorrect information.

xCurrent allows Ripple customers to make payments using Fiat as well as digital currencies. A similar product, the operations in which are carried out using XRP cryptocurrency, is called xRapid.

Despite the official apology, some commentators suspected the bank of manipulating the market.