Which Banks Use Ripple XRP: Full Updated List

What is Ripple XRP and Why Do Banks Use It?

Ripple XRP is a digital asset and payment protocol designed to make cross-border transactions faster and more cost-effective. If you've ever wondered which banks use Ripple XRP, you're not alone—the interest in how traditional banks partner with blockchain technology is growing rapidly. Unlike Bitcoin, Ripple focuses on financial institutions, aiming to modernize the global payments infrastructure. XRP serves as a bridge currency in the Ripple ecosystem, enabling near-instant settlements between banks worldwide.

Ripple was created in 2012 with the goal of enabling secure, instant, and nearly free global transactions of any size. For banks, partnering with Ripple means increased efficiency, streamlined liquidity management, and reduced fees for both themselves and their customers.

How Ripple XRP Works with Banking Systems

Ripple offers a suite of solutions, including RippleNet and On-Demand Liquidity (ODL), which use XRP to facilitate international payments. Here's how banks benefit from integrating Ripple's technology:

• Faster Transactions: Traditional international wire transfers can take days; Ripple settlements often complete within seconds.
• Lower Costs: Ripple eliminates the need for costly intermediaries, reducing transaction fees.
• Enhanced Transparency: Real-time tracking and immutable records reduce errors and fraud risk.
• On-Demand Liquidity: Banks don’t need to hold pre-funded accounts in destination currencies—instead, XRP is used as a temporary bridge, freeing up capital.

Common Questions: Does Every Bank Use XRP?

Not every bank that partners with Ripple uses XRP directly. Some leverage Ripple’s messaging technology, while others also use XRP for liquidity. The majority of fully-integrated partners use RippleNet for messaging and settlement but may not use XRP (the crypto asset) in every transaction.

Which Banks are Using Ripple XRP Solutions?

Ripple reports over 300 financial institutions on RippleNet globally, with a growing list of banks experimenting or utilizing XRP for settlements, specifically through the ODL solution. Here's an overview of major banks and regions:

Note: The specific usage of XRP may vary. Some banks only use Ripple infrastructure, while partners like SBI Remit (Japan), FlashFX (Australia), and Tranglo (Malaysia) have confirmed ODL and XRP adoption in certain corridors (Dune Analytics, Feb 2024).

Which New Banks Joined Ripple Recently?

According to the latest Ripple Insights Blog and public filings, over a dozen new banks and payment processors joined RippleNet in 2023, with more expected in emerging markets across the Middle East and Southeast Asia in 2024.

How Does This Compare to Other Crypto Solutions?

• SWIFT: Global standard but slow (1–4 days)
• Stellar (XLM): Focuses on remittances but with fewer large bank partners
• Ripple XRP: Fast settlement, growing institutional network, advanced liquidity tools

Ripple XRP in the News: Partnerships and Project Updates

Major Partnerships Fueling Growth

Ripple continues to secure significant partnerships in the financial sector:

• Santander: Europe’s leading digital bank offers One Pay FX on RippleNet, providing real-time international payments.
• SBI Holdings: Japanese financial conglomerate is building extensive remittance networks utilizing Ripple and XRP.
• Bank of America: Confirmed testing of RippleNet for internal and pilot cross-border payment cases.

Recent Developments

• 2023–2024: Expansion into Asia-Pacific and the Middle East; new corridors with Tranglo and SBI Remit launched for ODL.
• SEC vs. Ripple lawsuit: The ongoing regulatory trial in the U.S. has caused some uncertainty, but Ripple’s partnerships continue to grow outside the U.S. (Glassnode, 2023 Report).
• CBDC Collaborations: Ripple is working with central banks such as the Central Bank of Montenegro on pilot projects for Central Bank Digital Currencies (CBDCs).

Data on Usage and Adoption

According to Ripple’s official 2024 report, payment volume processed with ODL and XRP increased 9x from early 2022 to late 2023, driven by new Middle Eastern, Asian, and LatAm bank corridors.

Example: Comparing Transaction Speeds

| Service | Settlement Time | Fees | |--------------------|----------------|----------------| | Traditional SWIFT | 1–4 days | $20–50+ | | Ripple XRP ODL | Seconds | < $1 | | Bitcoin Network | 10–60 minutes | Variable, $5+ |

Frequently Asked Questions on Ripple XRP and Banks

Do All Ripple Partners Use XRP?

No, some banks use RippleNet’s messaging and settlement layer only, while others integrate On-Demand Liquidity to use XRP for transfers. The ODL solution is expanding but not universal yet.

Is XRP Adoption Increasing in Banks?

Yes, according to research from Nansen, 20–30% more banks piloted or launched ODL solutions between 2022 and 2023.

How Can I Track Which Banks Use XRP?

You can follow Ripple’s official website, financial news updates, Dune Analytics dashboards, and industry reports for up-to-date bank partnerships.

Can Individuals Use Ripple XRP for Transfers?

Yes, but mainly via crypto exchanges. Bitget Exchange offers XRP trading for users globally and is considered a secure platform.

Which Wallet Should I Use for XRP?

Bitget Wallet (formerly BitKeep) is recommended due to its security, wide coin support, and seamless integration with exchanges like Bitget.

Key Takeaways on Which Banks Use Ripple XRP

Ripple’s ecosystem is rapidly attracting banks looking to innovate in international payments. From major European and Asian banks to U.S. financial institutions piloting solutions, the trend points toward wider adoption of blockchain in banking. Whether they use RippleNet’s infrastructure or integrate XRP directly via On-Demand Liquidity, these banks are paving the way for a faster, more cost-efficient global payments landscape.

For beginners interested in how blockchain is modernizing finance, following Ripple’s partnerships offers real insight into the bank adoption trends of crypto technology. If you want exposure to XRP or experiment with blockchain payments, rely on trusted crypto platforms like Bitget Exchange and secure handling in Bitget Wallet.

Stay updated with official Ripple announcements, industry reports, and tools like Dune Analytics to always know which banks use Ripple XRP and how these developments may shape the future of banking.