Fintech apps and banking institutions such as the Euro Exim Bank, SendFriend and JNFX have implemented the RippleNet for liquidity and immediate payment settlement, which purportedly provides quicker, more transparent, and cheap options for conventional settlement systems like SWIFT.
In the official statement, the chief executive of Ripple, Bran Garlinghouse, stated that 100 financial organizations have joined the RippleNet ranks in 2018 and that the blockchain platform is witnessing a 350% growth in live transactions.
Subsequent to a rather good last year, the CEO of Ripple revealed that the mainnet is signing up 2-3 new clients every week, predominantly consisting of financial organizations, which lack efficient international transaction settlement. Ashay Mervyn, the JNFX manager of emerging markets, for example, stated that the RippleNet is very effective in terms of costs upon transaction handling for cross-border customers.
According to another statement, Garlinghouse pointed that those who criticized Ripple stated that XRP currency would not be used by the banking institutions in the upcoming future. Still, he pointed that Ripple is experiencing growth of demand in the RippleNet, specifically in terms of international and cross-border transactions.
Presently, Ripple is trying to break into the 2 trillion USD worth worldwide transactions marketplace, which is currently dominated by SWIFT.
In the near-term, it is not likely for major banking and financial institutions to entirely move to RippleNet and Ripple’s liquidity solutions due to the fact that big banking institutions are in control of the SWIFT platform and they are motivated to rely on the infrastructure that is already in place.