- Ripple (XRP) is reported to have assigned unique IDs to more than 500 financial institutions as part of the effort to redefine cross-border payments.
- Ripple recently “joined hands” with Mercado Bitcoin to expand its portfolio of products and push retail and corporate payments on an international scale.
Ripple (XRP) is reported to have advanced its operation with financial institutions by assigning unique IDs to more than 500 banks. According to the news first shared by a crypto pundit Kenny Nguyen, this initiative underscores Ripple’s commitment to revolutionizing cross-border transactions and increasing its dominance in the ecosystem.
Looking more into this, we discovered that the banks involved cut across different financial markets including Hong Kong, China, Australia, and the Philippines. Also, the institutions involved include Standard Chartered Bank, The Hong Kong and Shanghai Banking Corporation Limited (HSBC), Agricultural Bank of China, AMP Bank Limited, and ANZ Bank.
RIPPLE HAS ASSIGNED BANK IDs TO OVER 500 BANKS! AND PEOPLE STILL BELIEVE #XRP WON‘T BE USED…#XRP #RLUSD #XRPETF pic.twitter.com/8FL1ytYaie— Kenny Nguyen (@mrnguyen007) November 20, 2024
According to experts, Ripple’s decision is geared towards the standardization of communication between banks while eliminating inefficiencies and high costs existing in the traditional correspondent banking system. Meanwhile, the widespread use of banks in Ripple’s infrastructure is reported to create a robust ecosystem for XRP to operate as a liquidity bridge in transactions.
Speaking to experts, we observed that the use of XRP as a bridge currency and the XRP Ledger (XRPL) could extensively transform how these institutions manage their liquidity while ensuring that there is minimal reliance on pre-fund accounts.
Ripple and Mercado Partners
Ripple’s commitment to transforming cross-border transactions was recently witnessed in the strategic partnership with Latin America’s largest crypto exchange Mercado. According to our report on this, this collaboration was to enable Mercado’s corporate and retail customers to seamlessly initiate international transactions. Meanwhile, the head of Banking at MB, Jordan Abud, disclosed that Ripple’s collaboration could enable them to expand their portfolio of products.
The idea is to provide a simplified transfer through the expertise of Ripple, our international partner specializing in cross-border payments. At the same time, this partnership enables Mercado Bitcoin to take another step towards internationalizing its services. The possibility of facilitating this type of operation, offering lower costs, and making the platform even more complete shows our commitment to customers while expanding the portfolio of products we offer today.
Over the years, Ripple has provided financial institutions and banks with cutting-edge solutions and fascinating features including:
- Streamlined onboarding
- Trust and security
- One integration and global access
- 24/7 liquidity
In addition, it is reported to be well-positioned to provide core services needed by financial institutions to tokenize, store, exchange, and move digital assets. Currently, it has more than 80 payout markets, representing more than 90% coverage of the daily FX markets. Additionally, it processes more than $50B in volume with over a decade of experience.
Ripple’s solutions leverage the XRP Ledger and its native digital asset, XRP, which was purpose-built to enable fast, low-cost, highly scalable transactions across developer and financial use cases. With a proven track record working with regulators and policymakers around the world, Ripple’s payments, custody, and stablecoin solutions are pioneering the digital asset economy—building credibility and trust in enterprise blockchain.
At press time, XRP was trading at $1.126 after surging by 59% in the last seven days.
