Union Bank seals $40 million partnership with IFC – Nairametrics

Union Bank seals $40 million partnership with IFC – Nairametrics

Ripple, the fast-growing fintech juggernaut and owner of XRP disclosed its global payments network, RippleNet, is now live in  55 countries including Nigeria, with XRP remittances now live in five continents.

RippleNet also stated that its services offering were available in 95 currency pairs, according to the fintech’s redesigned website.

READ: Crypto robber behind over $200 million theft, found

Quick fact; RippleNet is a network of institutional payment-providers that include banks and payment providers that use solutions developed by Ripple to provide a seamless experience to send money worldwide.

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RippleNet uses a leverage cutting-edge blockchain technology in streamlining payments services and helps in reducing costs.

It should also be added that On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payments product is available in the US, Mexico, Europe, the Philippines, and Australia.

READ: President Trump’s action triggers Ethereum plunge

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Sequel to this feat, recall Nairametrics about a month ago gave critical insights into how Ripple, the world’s fast-growing crypto payment powerhouse, worked with bank regulators and policymakers in several governments for the adoption of digital payments.

READ MORE: 3 Crypto exchanges control about 14.3% circulating BTC supply

Global banks are already working with Ripple 

Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil.

READ ALSO: Nigeria @ 60: The Banking Sector and the Nigerian economy 

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  • Banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.
  • Japan Post Bank with assets of USD 1.9 trillion, Sumitomo Mitsui Financial Group, and Mizuho Financial Group with trillions of dollars in assets, also have a close relationship with Ripple Asia.
  • Others having a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank

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