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Cryptocurrencies

Ripple's blockchain network attracts over new 100 financial institutions

Wednesday 11 October 2017 | 01:40 PM CET

Ripple has announced that more than 100 financial institutions have joined its enterprise blockchain network, RippleNet.

The network aims to modernize global payments leveraging the full power of blockchain. Among the newest members of RippleNet we mention: AirWallex, Bexs Banco, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK and TransferGo.

Collectively, the financial institutions joining RippleNet are adopting blockchain commercially to provide their customers a global payments experience.

UAE-based RAKBANK and the UK-based payment providers IFX, TransferGo, and Currencies Direct will use RippleNet to power instant payments into India — the largest beneficiary of retail remittances worldwide at USD 71 billion annually.

Blockchain-powered payments into South America will be available to RippleNet members through dLocal. dLocal specializes in payment acceptance and corporate disbursements in emerging markets, counting Uber, Godaddy, Payoneer and Tipalti amongst its global customers. European bank Credit Agricole plans to improve remittance services from Switzerland to France.

Brazil-based Bexs Banco, which processes cross-border ecommerce payments for more than 25 million customers, has joined RippleNet to connect with member banks in North America, Europe and Asia. Australia-based Airwallex will use RippleNet to process corporate payments at a highly competitive exchange rate, with low transaction fees, across the APAC region — through which 40% of cross-border payments are predicted to flow by 2025.

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