38 of the World’s Largest 100 Banks Have Tested, Integrated or Invested in Ripple’s Remittance Technology: Report
At least 38 of the world’s 100 biggest banks have reportedly tested, integrated or invested in Ripple’s cross-border payments technology.
An overview of the top 100 banks by total assets, compiled by XRPArcade, breaks down how many are linked to Ripple. The largest Ripple banking customer, Japan’s Mitsubishi UFJ Financial Group, is the fifth-largest bank in the world, with reportedly more than $2.8 trillion in total assets.
Of the 38 banks linked to Ripple, 18 are actively using Ripple’s technology. All of them are using the startup’s payments messaging platform, which is designed to rival Swift. To date, none of them are using Ripple’s liquidity product, which utilizes XRP for cross-border payments.BNP Paribas Japan Post Bank Banco Santander Royal Bank of Canada HSBC (Through Saudi British Bank) UBS UniCredit Standard Chartered Westpac Bank of Montreal DZ Bank (Through Reisebank) Sumitomo Mitsui Trust Holdings Canadian Imperial Bank of Commerce Nomura Holdings Inc Itau Unibanco PNC Financial Services Banco Bradesco SA Skandinaviska Enskilda Banken AB
Overall, Ripple says more than 300 financial institutions in 40-plus countries use its technology, including American Express, MoneyGram, Santander and SBI Remit.