Ripple’s partnerships and progress

Ripple is the leading provider of digital asset infrastructure for financial services. Utilizing Ripple’s technology, an institution can send cross-border payments in real-time, engage with tokenization and digital assets, and meet regulatory compliance requirements.

Ripple’s On-Demand Liquidity (ODL) and XRP Ledger (XRPL) have seen significant adoption across various countries around the globe; most notably in the Eastern Hemisphere. Additionally, Ripple is involved in the development of Central Bank Digital Currencies (CBDCs) in several Eastern Hemisphere countries, including Hong Kong and Bhutan.

You may be wondering what the XRP Ledger is. Well, the XRP Ledger is a decentralized blockchain that uses its own digital currency native to the XRPL. The XRP token is utilized to process and record financial transactions on its blockchain.

Through Ripple’s various solutions, a financial entity can perform instant cross-border remittance payments, access / custody digital assets and transact with confidence by way of their newly created stablecoin (RLUSD). Ripple’s RLUSD was built with regulatory compliance in mind. Creating a stablecoin that is regulatory compliant as a profound feature, perfect for U.S. Banks to delve into the world of cross-border remittance payments being completed in seconds, not hours, like some blockchains; or even days or weeks, like the SWIFT system.

Ripple has been “building the rails” of it’s XRP Ledger ecosystem for years behind the scenes, all while enduring the very time consuming U.S. SEC vs Ripple Labs, Inc. (regulation by enforcement) lawsuit and follow-on appeal. I am not going to go into too much of those details, as I’ve voiced my opinions of the SEC vs Ripple Lawsuit in previous article(s) and posts, which can all be found either within my article archive on here or my X.com account..

Leading financial institutions have integrated Ripple’s technology to reduce international transaction costs. This is huge for many countries and financial institutions. Reducing international transaction costs means getting rid of Nostro/Vostro accounts. Which also means that those same companies and financial institutions get to bring those monies back into the fold of their balance sheets, buy holding XRP or RLUSD for liquidity.

Ripple’s ODL allows these companies and institutions and their fintech customers to deliver on the remittance payments by enabling instant cross-border payments without the need for pre-funding. Before ODL, remittance providers would need to hold pre-funded accounts on each side of a transaction in that country’s local currency.

Utilizing the XRP token, a digital asset built for payments, ODL can instantly bridge various currencies of all forms, eliminating the need for pre-funded accounts. This unlocks tied up capital (Nostro/Vostro accounts) and reduces operational costs. With this, the savings can then be passed on to customers and put to use in more effective ways.

And all of these benefits listed here, is only the tip of the proverbial iceberg. Think about it. By the financial sector utilizing the blockchain for cross-border payments and remittance payments, and not the traditional SWIFT System, financial transactions now become instantaneous 24 hours a day, 365 days a year. There would be no more “the banks are closed’ or “It’s a banking holiday”. No more waiting, period!!! No more submitting for a wire transfer which takes days for confirmation of receipt of payment and the receiver to actually get their payment. It all becomes immediately paid (3-5 seconds) to the distant end.

I am by no means trying to say Ripple’s ODL and/or XRP Ledger is the end-all-be-all answer. There are many blockchains available. There are other organizations that have their own token/blockchain, that perform close to real time transactions as well. XLM and HBAR are to name a few.

But I will say this, Bitcoin’s Lightning Network is DEFINITELY not a fast network, nor inexpensive to send transactions across it. And Ethereum’s Network may be faster than Bitcoin’s, but its gas fees to send transactions can be VERY expensive. That’s why, in my humble opinion, it’s hard to beat the XRP Ledger’s costs. Which the current minimum transaction costs required by the network for a standard transaction is 0.00001 XRP (10 drops). It sometimes increases due to higher than usual load.

Based on research I have found, Ripple has established a broad network of partnerships with financial institutions, technology companies, and payment providers within various countries on all 7 Continents of Earth. Some of these countries which have partnerships utilizing Ripple’s ODL and/or XRP Ledger for remittances can be found below:
Australia
India
Saudi Arabia
Kuwait
Korea
Turkey
United Arab Emirates (UAE)
Japan
Philippines
Vietnam
Indonesia
These countries have various levels of adoption, whether through banks, financial institutions, or partnerships with Ripple for cross-border payments and remittances.

Ripple has established a broad network of partnerships with financial institutions, technology companies, and payment providers worldwide. Below is a list of known countries and associated companies that have publicly announced collaborations with Ripple:
North America:
• United States:
o Bank of America
o American Express
o Santander USA
o Western Union (testing phase)

• Canada:
o Canadian Imperial Bank of Commerce (CIBC)
o Zip Remit

Europe:
• United Kingdom:
o TransferGo
o Currencies Direct
• Sweden:
o SEB

Asia:
• India:
o Kotak Mahindra Bank
o IndusInd Bank
• Japan:
o SBI Remit
o MoneyTap
• Singapore:
o InstaReM
• Thailand:
o Siam Commercial Bank
o Krungsri Bank
• China:
o LianLian Pay

Australia:
• Australia:
o Commonwealth Bank of Australia
o Airwallex

South America:
• Brazil:
o Itaú Unibanco
o BeeTech

Middle East:
• United Arab Emirates:
o RAKBANK

Africa:
• Morocco:
o Attijariwafa Bank

Please note that this list is not exhaustive, as Ripple’s network continues to expand daily. For the most up-to-date information, it’s advisable to consult Ripple’s official customer page.