Ripple has revealed that thirteen business entities have been added to its payment platform thus extending the number of institutional customers to a record breaking 200. The recent additions have showcased Ripple´s increasing influence across international borders as institutions emerged from diverse countries such as Bahrain, Kuwait, Canada and Brazil.
Of the 13 new additions, 5 companies have settled on using the Ripple cryptocurrency to take advantage of liquidity while the rest have resorted to using the platform without involving the Ripple cryptocurrency.
The companies which opted to use the platforms cryptocurrency for its associated liquidity include FTCS, SendFriend and Euro Exim Bank. With the Ripple cryptocurrency, designated financial entities will have the distinct advantage of being able to settle cross-border payments without the need to prefund the accounts in receiving countries. Coupled to this is the ability to execute more efficient and low cost transactions compared to the usual traditional methods.
Those who opted out of using Ripple’s cryptocurrency are far from being spared from the immense benefits the system provides. Through the network’s superior technology and advanced application programming Interface (API), the companies will be able to process payments with utter efficiency and transparency. Top officials from some of the involved companies expressed their excitement on the development. SendFriend’s founder, David Lighton, commented on the matter by saying that:
“The existing correspondent banking system is slow, inefficient and costly. SendFriend was founded at MIT with the belief that there must be a better way to send payments. We are excited to partner with Ripple to do just that. Through our partnership, we are bringing our customers a next-generation, blockchain payment solution that leverages XRP to address many of the efficiency and equity problems with existing remittances. For them, that means cheaper and faster payments.”
A similar reaction was expressed by one of the directors within the JNFX group who said that:
“For our customers who range from the largest conglomerates in Africa (with operations and commitments in over 40 countries) to individuals in villages in rural Nigeria, our decision to join RippleNet and utilize their payment solution—including XRP for on-demand liquidity—just makes sense.”
To date, RippleNet operations cover about 40 nations from all the continents thus further attesting to the exceptional growth the entity has seen over the past few years.