12 Banks Using XRP Infrastructure

Key Takeaways

• Major banks, including SBI Holdings, Santander, and PNC Bank, use RippleNet’s infrastructure – and sometimes XRP itself – for faster cross-border payments between institutions.
• RippleNet is a payment network created by Ripple Labs that caters to banks and financial institutions. It offers a faster alternative to SWIFT – and is a gateway for tradfi companies to use XRP.
• RippleNet’s rapid adoption is fueled by the promise of instant settlements, fewer middlemen, and potentially cheaper international payments for banks.
• As more financial institutions adopt the infrastructure offered by Ripple Labs, we could see XRP becoming a key part of the traditional banking system.

XRP is a well-known cryptocurrency, currently ranked as the 6th largest digital asset by market cap. But there’s a lot more to XRP than just crypto. Its parent organization, Ripple Labs, is busy positioning itself as a cornerstone of global finance via its banking solution, RippleNet. RippleNet is a state-of-the-art messaging system designed to let major banks communicate with each other faster and more directly about international transfers – a direct challenger to the outdated SWIFT system we all love to hate.

What’s interesting about RippleNet is that it operates independently of XRP, but also serves as a potential gateway to it. As more institutions join RippleNet to bypass the cumbersome SWIFT system, some are also taking the next step by integrating Ripple’s On-Demand Liquidity (ODL) solution (which was later rebranded to Ripple Payments). While not every RippleNet user employs XRP, the network’s growth is steadily building institutional familiarity and trust in Ripple’s existing infrastructure.

In this article, we’ll explore which institutions are using RippleNet, which have integrated XRP into their operations, and how this progression is shaping the future of blockchain-powered finance.

12 Banks Using Ripple Solutions

A growing list of global banks and financial companies are using XRP for payments, liquidity, and remittance. Below is a table summarizing confirmed institutional adoption.

Let’s have a more detailed look at each of these institutions and how they use XRP.

SBI Holdings (TYO:8473)

SBI Holdings operates SBI Ripple Asia, a joint venture that actively uses XRP for cross-border remittances. Specifically, SBI Remit uses XRP and Ripple Payments to send funds instantly from Japan to Southeast Asian countries, significantly reducing costs and processing times. As a strategic Ripple partner, SBI also advocates for broader XRP adoption across its ecosystem, including plans to integrate XRP into securities and FX platforms.

Santander (BME:SAN)

Santander partnered with Ripple to power One Pay FX, its international payment app for retail customers. The bank utilizes RippleNet’s messaging infrastructure to enable same-day or next-day transfers, significantly outpacing traditional SWIFT delays. It is worth noting that while Santander leverages Ripple’s software to eliminate friction and improve transparency, it relies on the network’s messaging capabilities rather than using XRP for liquidity. Currently, One Pay FX is live in several countries, and Santander has expressed intentions to scale this blockchain-enabled infrastructure to more regions.

PNC Bank (NYSE:PNC)

PNC became the first major U.S. bank to join RippleNet. It uses its infrastructure for faster international payment settlement, allowing commercial clients to process cross-border payments in seconds rather than days. As a result of this move, the bank was among the early movers embracing blockchain-based financial services.

American Express (NYSE:AXP)

American Express has used RippleNet in collaboration with Santander and Ripple to facilitate international B2B payments. Moreover, by leveraging Ripple’s infrastructure American Express enables faster, more cost-effective global transactions between enterprises. Although limited in scope, this pilot project demonstrated how legacy financial institutions can integrate blockchain to modernize corporate payment rails.

Standard Chartered (LSE:STAN)

Standard Chartered had a strategic investment in Ripple back in 2016. It uses RippleNet to settle payments in real time, particularly across Asia and the Middle East. In other words, this allows the bank to bypass traditional SWIFT delays and to improve the efficiency of its cross-border payment services. The bank is also part of Ripple’s global network of institutional partners and continues to explore DLT solutions to enhance treasury operations.

MUFG Bank (TYO:8306)

MUFG, Japan’s largest bank, joined RippleNet to streamline cross-border transactions using RippleNet. By eliminating the need for pre-funded nostro accounts, MUFG significantly lowers operational costs and improves liquidity across its network. Lastly, the bank also participated in testing Ripple’s solutions with other Japanese and Asian banks to create a more interoperable remittance corridor.

CIBC (TSX:CM)

Canadian Imperial Bank of Commerce joined RippleNet in 2022 and started using RippleNet’s On-Demand Liquidity solution. Consequently, this enabled CIBC to make fast, low-cost international payments without the need for foreign currency reserves in local banks. The move aligned with Canada’s growing fintech landscape and reflected CIBC’s push toward digitizing its cross-border infrastructure.

Kotak Mahindra Bank (NSE:KOTAKBANK)

Kotak Mahindra Bank in India uses RippleNet solutions to offer improved remittance services. The integration allows the bank to settle cross-border payments faster and more transparently, enhancing customer experience and reducing capital lockup. Furthermore, Kotak’s RippleNet connection supports India’s booming remittance market, which serves millions of overseas workers.

BeeTech

Brazilian fintech BeeTech uses RippleNet to facilitate cross-border transactions for businesses and individuals. By replacing traditional banking intermediaries, BeeTech reduces fees and delays, especially for customers sending money to Europe and Asia. The company integrates directly into RippleNet’s infrastructure, thus offering competitive FX rates and near-instant settlements, targeting underserved remittance corridors in Latin America.

InstaReM

InstaReM is a fintech company based in Singapore, using RippleNet to offer instant, cost-effective regional transfers. As a result of this adoption, it avoids the limitations of legacy banking systems and scales payment operations across Southeast Asia. With Ripple’s backing, InstaReM has rapidly expanded into new corridors, focusing on SME and retail remittance users.

RAKBANK (DFM:RAKB)

In 2021 RAKBANK integrated RippleNet to facilitate cross-border remittances between the UAE and India. By using the infrastructure for settlement, RAKBANK eliminates delays and enables its customers to transfer funds instantly at lower costs. As a result of this partnership, RAKBANK became a forward-looking institution within the Gulf region’s evolving fintech ecosystem.

Siam Commercial Bank (SET:SCB)

SCB in Thailand employs Ripplenet via its On-Demand Liquidity to support real-time, low-cost remittances. This use case strengthens SCB’s digital services and positions the bank as a leader in financial innovation across Southeast Asia. SCB has also explored Ripple’s smart contract capabilities to build next-generation financial products and expand financial inclusion in rural areas.

What is RippleNet?

RippleNet is a global payment network developed by Ripple Labs that connects banks, payment providers, and financial institutions through a unified system for real-time cross-border transactions. It supports multiple fiat currencies and can also be used with XRP to tap into Ripple’s On-Demand Liquidity. By offering a modern alternative to fragmented, legacy systems, RippleNet helps institutions move money faster and more efficiently while maintaining compliance and security.

Transactions on RippleNet Explained

Unlike traditional SWIFT transfers, which can take 2-5 days and rely on intermediary banks with pre-funded accounts, RippleNet enables direct communication between pre-validated financial institutions. It combines messaging and settlement on a single platform, reducing delays, costs, and error rates. For example, when Japan’s SBI Remit sends funds to the Philippines through RippleNet, the two trusted institutions can communicate directly, and the transaction can be completed in seconds – compared to the 24-72 hours it would typically take via SWIFT.

What is XRP?

XRP is a digital currency developed for global payments. It operates on the XRP Ledger (XRPL). The Ledger uses a consensus algorithm, not mining or staking, to validate transactions. This allows XRP to settle transactions in 3 to 5 seconds with near-zero fees.

XRP’s primary function is to act as a bridge asset in cross-border payments. Rather than holding multiple foreign currency reserves, institutions can convert their fiat to XRP and then into another fiat currency within seconds. This dramatically improves liquidity, transparency, and transaction speed.

The XRP Ledger also supports features like decentralized exchange, token issuance, escrow, and multi-signature wallets, making it suitable for both financial institutions and developers.

How is XRP Used For International Bank Transfers?

To understand how XRP works for a bank, it helps to follow a transaction through the process. There are two paths a transfer takes on this network.

• Standard RippleNet involves banks using software to message each other. They confirm a payment instantly but move the actual cash later through old banking relationships.
• RippleNet with Ripple Payments uses XRP to move the actual value at the same time as the message.

The XRP Transfer Process

Let’s take the example of a company in the United States that needs to pay a supplier in Mexico using USD.

• Request

The US business starts the payment through a bank on the network. They enter the amount in USD.

• Swap to XRP

The software connects to a digital asset exchange. It changes the USD into XRP immediately. The US bank does not need to hold Mexican Pesos in a foreign account.

• Bridge

XRP moves across the XRP Ledger and reflects in 3 to 5 seconds. No middleman banks stop the payment to check paperwork because the ledger handles verification.

• Local Currency Swap

When the XRP reaches the destination exchange in Mexico, it changes from XRP into Mexican Pesos (MXN).

• Payout

The Mexican Pesos go into the supplier’s local bank account.

Ending the Nostro Problem

Banks usually keep accounts in foreign countries filled with local currency. These are called Nostro accounts. Millions of dollars stay in these accounts to cover future transfers. This money sits idle and cannot be used for other things.

XRP acts as a bridge asset to solve this. A bank does not need to own Mexican Pesos ahead of time. They buy XRP for the few seconds needed to cross the border and then sell it. This releases large amounts of capital for the bank to use elsewhere.

RippleNet vs XRP

Although closely related, XRP and RippleNet serve different purposes within the Ripple ecosystem. RippleNet is the network infrastructure, the system that allows institutions to send and settle payments across borders. XRP, on the other hand, is the digital asset used within that system to provide liquidity and bridge currencies when direct exchange pairs don’t exist.

In other words, RippleNet is the global payment rail, while XRP is the token that can power some of its transactions. Not all RippleNet users must use XRP, but integrating it often enhances speed and reduces costs, making the two components complementary rather than interchangeable.

Why Is XRP So Successful?

XRP’s success stems from its ability to bridge the gap between traditional finance and blockchain technology. With its speed, efficiency, and enterprise-grade use, it continues to attract institutions seeking real-world solutions in a digital-first economy. Part of what makes XRP successful includes:

1. Instant communication

XRP messaging can happen in seconds and cost a fraction of a cent. This sits in stark contrast to SWIFT payments, which are indirect, slow, and costly since every bank needs to validate payment details as the message travels across borders. By using RippleNet, banks and remittance providers can cut millions in fees annually while offering real-time services to their customers.

2. Institutional adoption

Dozens of banks and fintech companies use XRP to settle cross-border payments and manage their liquidity. RippleNet’s global network continues to expand, giving XRP real-world utility, something few other cryptocurrencies can match.

3. Regulatory clarity

Following favorable court rulings in 2024 and a settlement with the U.S. SEC, XRP gained increased legitimacy. This development has encouraged more institutions to explore or adopt XRP for compliant financial services.

4. Scalability and efficiency

The XRP Ledger can handle up to 1,500 transactions per second but it can potentially scale up to 65,000 through Layer 2 solutions, all with minimal energy consumption. Compared to Bitcoin and Ethereum, XRP is significantly more scalable and environmentally friendly.

5. Expanding use cases

Finally, beyond payments, XRP and the XRPL are being used for tokenized real-world assets, decentralized finance (DeFi), and even identity verification systems. These additional use cases continue to attract new users and institutions.

Closing Thoughts

XRP is not just another cryptocurrency; it’s a critical tool for transforming how money moves globally. Major institutions use XRP’s infrastructure to improve payment speed, cut costs, and eliminate reliance on outdated infrastructure.

Moreover, the XRP Ledger provides the scalability, speed, and regulatory assurances that institutions demand. With banks joining RippleNet for its efficient and interoperable systems, XRP is positioned to become even more integral to the future of finance.

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