Ripple announced on its recently updated website that Bank of America, a leading American bank, is now on its payment network RippleNet, known for the startup’s global payments network of banks and leading financial institutions and arch-rivals of the SWIFT network.
The fast-growing fintech company shared insights into its growing membership in leading financial companies through its payments network
“RippleNet membership is a network of leading financial institutions that work together to govern and develop RippleNet together and democratically. These institutions are working to standardize global cross-border transactions …
“It creates a community on a regional and global scale where members can learn and share insights and best practices as the usage of RippleNet increases, and build new business relationships with other members.”
What you need to know: RippleNet is a network of institutional payment providers that includes banks and payment providers that use solutions developed by Ripple to provide a seamless experience for transferring funds worldwide.
- RippleNet uses the latest blockchain technology to optimize payment services and thus reduce costs.
- It should also be added that On Demand Liquidity (ODL), Ripple’s XRP-based cross-border payment product, is available in the US, Mexico, Europe, the Philippines and Australia.
We remind you that a few weeks ago Nairametrics published reports on how Ripple, the fast-growing fintech juggernaut and owner of XRP, announced that its global payments network RippleNet was already active in 55 countries including Nigeria and XRP transfers on five Continents were carried out.
RippleNet also stated that its service offerings were available in 95 currency pairs, according to fintech’s redesigned website