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New Document Shows RippleNet Depends on XRP

Solomon Odunayo — Wed, 14 May 2025 07:59:17 +0000

A tweet by Crypto Researcher SMQKE highlights two critical excerpts from recent academic and analytical documents. It asserts RippleNet’s structural dependence on XRP and underscores XRP’s dominance as the principal currency used on its ledger.

These claims are supported by data and text drawn from peer-reviewed sources, including a study published by Atlantis Press and a detailed flow analysis of transactions conducted between October 1, 2019, and April 30, 2020.

One key excerpt emphasized by SMQKE states: “As one might expect, XRP is by far the most used currency on the ledger in terms of payment volume.”

According to the referenced research, 125 billion XRP were transacted on the XRP Ledger (XRPL) for seven months, averaging approximately 586 million XRP daily. This quantitative assessment confirms XRP’s overwhelming role as the medium of exchange on its native ledger, far surpassing other IOU tokens or currencies issued by entities on the same network.

Transaction Flows Centered Around XRP

The graphical representation included in the same study further supports this conclusion. It illustrates the value flow of XRP across major platforms such as Binance, Coinbase, Bitstamp, and Huobi Global, alongside an array of transactions involving other currencies like USD, EUR, CNY, and crypto-assets such as ETH and BTC.

The central axis of this flow chart is XRP itself, acting as the predominant currency bridging transactions between senders and receivers. The data reveals that XRP dominates by volume and structural centrality within the transaction architecture.

RippleNet’s Systemic Dependence on XRP

The second point in SMQKE’s tweet focuses on RippleNet’s operational model. A section from a 2021 analysis published in Advances in Economics, Business and Management Research affirms that “RippleNet depends much on XRP,” noting that XRP usage is intrinsic to RippleNet’s cross-border, real-time payment system.

The paper elaborates that as long as Ripple’s global payment infrastructure remains active, XRP will retain a functional role as its medium of value transfer. It also mentions Ripple’s ambition to elevate XRP’s use beyond RippleNet, including a potential role in central bank digital currency systems, referencing a white paper by Ripple expressing this intent.

Ongoing Strategic Efforts to Expand XRP’s Utility

Further language from the document states that “XRP could become a ‘neutral bridge’ between different currencies,” and that Ripple continues to develop use cases and network configurations that place XRP at the core of its ecosystem.

The study distinguishes XRP from other decentralized digital assets by noting that XRP “is totally controlled by Ripple Labs,” underscoring the company’s influence over the asset’s issuance and utility within its broader financial products.

In summary, SMQKE’s tweet draws on substantive documentary evidence to reinforce the claim that RippleNet is not merely compatible with XRP but in fact structured around it.

The data extracted from transaction records and Ripple’s intentions support the argument that XRP’s role is not peripheral but foundational. From a technological and operational standpoint, XRP continues to serve as the primary vehicle for value movement on the XRPL, with Ripple actively steering its integration into broader institutional frameworks.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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XRP Ledger and RippleNet Work Together to Reinvent Global Payments

Solomon Odunayo — Tue, 06 May 2025 11:29:59 +0000

All Things XRP (@XRP_investing), a prominent crypto commentator on X, recently offered a clear breakdown of the difference between RippleNet and the XRP Ledger (XRPL).

What RippleNet Does

All Things XRP explained that RippleNet is Ripple’s enterprise-grade network used by over 300 financial institutions across more than 55 countries. It facilitates fast and cost-effective cross-border payments.

According to him, RippleNet “handles messaging, compliance, and routing.” Its design positions it as a smarter and leaner alternative to SWIFT, aiming to simplify how banks and fintechs manage international transactions.

RippleNet does not rely on blockchain to settle payments directly. Instead, it focuses on the secure transfer of information and instructions necessary for settlement. It is a closed, permissioned network that offers institutions a reliable way to initiate and process global payments with speed and accuracy.

The Role of the XRP Ledger

The XRP Ledger is the decentralized blockchain that powers the digital asset XRP. It is open-source and does not require mining, allowing it to settle transactions in three to five seconds, unlike many other blockchain networks that may take hours.

Built for speed, tokenization, decentralized finance, and central bank digital currencies, the ledger serves as the underlying infrastructure Ripple leverages when liquidity is required on demand.

Unlike RippleNet, XRPL is accessible to anyone and is not controlled by Ripple. It operates independently and allows users to transact XRP and issue tokens directly on the ledger. This makes it an important tool for developers and institutions looking to build blockchain-based financial applications.

How They Work Together

Although RippleNet and XRPL are separate, they connect through Ripple’s On-Demand Liquidity (ODL) solution. When a RippleNet user opts to use ODL, the transaction is executed using XRP via the ledger.

As the crypto expert described, a typical process might involve one bank sending USD, converting it to XRP, transferring the tokens across the ledger, and then converting it to another currency for the receiving bank. This eliminates the need for pre-funded accounts, shortens settlement times, and reduces costs.

RippleNet is the institutional gateway for initiating payments, while the ledger serves as the decentralized pathway for moving value. This relationship is critical in making real-time cross-border payments practical and scalable.

Coinbase has explained that XRP’s utility in Ripple’s payment network makes it attractive to institutions, and the digital asset’s numerous features and advantages make it one of the most appealing assets in the crypto space.

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Role of Ripple and XRP In the New Global Financial System

Solomon Odunayo — Mon, 05 May 2025 08:25:35 +0000

Crypto investor Mr. Man has published a statement on X that outlines what he views as an ongoing, deliberate reconstruction of the global financial system. His post frames this transformation not as a violent revolution or a collapse, but as a gradual replacement happening from the inside out. He also highlights the role of Ripple, XRP, RippleNet, and RLUSD in this new system.

According to his tweet, this process involves a fusion of technology, regulatory alignment, and behavioral conditioning. These elements combine to alter how money is used, controlled, and accessed — and Mr. Man claims it is being done largely without public awareness.

From Delayed Settlement to Real-Time Compliance

He said that at the heart of this transformation is the emergence of a new kind of money. This form of money is programmable, trackable, and capable of executing logic through smart contracts.

It is not merely digital in the way credit cards are digital, but more sophisticated, more conditional, and more interactive. Mr. Man explains that these tokens can contain information about who owns them, where they are allowed to go, and under what conditions they can move.

While mainstream attention remains focused on cryptocurrencies like Bitcoin and Ethereum, he says the more significant shift is in institutional integration of networks such as Ripple, Stellar, Chainlink, Axelar, and XinFin. These technologies, he asserts, are becoming embedded in the financial system’s underlying infrastructure without receiving public recognition.

Mr. Man describes the system as outdated, built on delayed settlement, correspondent banking relationships, and paper-based trust mechanisms. That model is being replaced by one he characterizes as interoperable, real-time, and compliant by design.

Transactions in the emerging system will be attached to metadata, identity-linked trust scores, and policy logic. In his view, money is being transformed into an interactive tool — one that reports, obeys, and adapts to programmatic constraints.

Ripple’s Role and the Rise of Tokenized Finance

He identifies Ripple’s role as foundational in this transformation, not simply because of XRP, but because of RippleNet and RLUSD. He explained that these act as liquidity bridges between legacy financial institutions and the developing programmable environment.

Mr. Man also names Sygnum and LCX as key players in asset tokenization, transforming traditional financial instruments like stocks and bonds into digital assets that can be traded or stored in programmable wallets.

Institutions such as CME and Hidden Road are said to manage institutional-grade liquidity and risk in the background. Bitstamp and Robinhood serve the retail segment — not by providing true access, Mr. Man argues, but by offering the perception of access, while directing retail activity toward systems that are increasingly monitored and restricted.

He claims that a new financial operating system is already being put in place. It is being introduced in stages, often during crises or alongside regulatory shifts, when public attention is either distracted or seeking reassurance.

Mr. Man points to ISO 20022 messaging standards, real-time payment infrastructure, centralized identity frameworks, and cross-border regulatory convergence as mechanisms coordinating the rollout.

Basel III, he says, goes beyond capital adequacy and serves as a locking mechanism for defining value and enforcing liquidity requirements. According to his post, this entire transition is set to be formalized by January 2026 — a moment he calls “The Endgame.”

Conditional Access and the Role of Identity

Mr. Man contends that while this new system is being prepared for institutional use, retail investors are being led into it passively. Platforms such as Bitstamp and Robinhood give consumers an impression of participation, but the core rails, he states, are being reserved for permissioned wallets, institutions, and regulated digital instruments.

Under this system, money can include conditions, such as expiration dates, and may look like benefits, subsidies, or other restricted-use instruments. He cautions that this structure can empower only if users have full control and transparency over the rules.

To underline the psychological aspect of this transition, he references the quote from Hamlet: “Nothing is either good or bad, but thinking makes it so.” He claims that most people remain unaware of the depth of these changes due to distractions, including inflation, elections, and cultural conflict. He warns that by the time the system becomes fully active, access and participation rules will already be established.

The Final Phase and the Question of Sovereignty

In closing, Mr. Man asserts that this evolution is nearly complete and waiting only for activation. Those who understand its mechanics and position themselves accordingly — through digital identity sovereignty, regulated asset rails, and tokenized yield — will benefit from the shift. He said others will enter the system passively, driven by crisis, convenience, or policy.

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Major Financial Institutions Use XRP, Uphold CEO Confirms

Solomon Odunayo — Wed, 15 May 2024 23:57:43 +0000

In a recent interview with Tony Edward on the Thinking Crypto podcast, Simon McLoughlin, CEO of the American cryptocurrency exchange Uphold, revealed that well-known financial giants are increasingly adopting Ripple’s On-Demand Liquidity (ODL) network for cross-border transactions.

Uphold: A Key Player in Ripple’s ODL Network

McLoughlin highlighted Uphold’s role as a node within the RippleNet network, specifically for Ripple’s ODL solution. ODL leverages XRP to facilitate faster and more cost-effective international money transfers for multinational corporations.

Traditionally, large companies struggle with the high costs and slow processing times associated with cross-border payments. According to McLoughlin, Ripple’s ODL network addresses these challenges by using XRP as a bridge currency, enabling the swift movement of large treasury funds between different regions.

Uphold Facilitates Seamless XRP Conversions

Within the ODL network, Uphold plays a critical role by providing on-ramp and off-ramp services for Ripple’s clients in the United States, United Kingdom, and European corridors.

Essentially, Uphold acts as a bridge, instantly converting XRP received by clients into local fiat currencies (USD, GBP, EUR) and handling subsequent payouts to banks within these designated regions. This implies that the transactions are not affected by crypto volatility.

A Glimpse into the ODL Network: Big Players Leverage XRP

McLoughlin’s position at Uphold grants a unique perspective into the workings of the Ripple ODL network. He revealed that Uphold has witnessed tens of millions of dollars being transferred by prominent financial institutions using XRP for cross-border settlements.

While bound by non-disclosure agreements, McLoughlin did confirm that the ODL network boasts a clientele that includes “well-known names” in the financial sector.

XRP in Action Beyond U.S. and U.K.

While Uphold cannot disclose specific clients within the U.S. and U.K., some publicly known institutions are already utilizing XRP for international transfers through ODL.

For instance, Malaysia’s Tranglo leverages XRP to facilitate real-time transactions with countries like Singapore and the Philippines. Similarly, Japan’s SBI Remit has adopted XRP for cross-border payments involving Vietnam, the Philippines, and Indonesia.

These examples showcase the growing adoption of Ripple’s ODL network and XRP as a viable solution for efficient and cost-effective international money transfers, particularly among established financial institutions.

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XRP Whale Behind the Movement of Millions of XRP from Binance Revealed

Solomon Odunayo — Wed, 13 Mar 2024 23:54:43 +0000

Over the past 36 hours, substantial movements of XRP have attracted attention within the cryptocurrency community. Whale Alert, a prominent tracker of cryptocurrency transactions, in a post on X, observed four large-scale withdrawals, amounting to a total of 77.7 million XRP from Binance, the leading cryptocurrency exchange by trading volume.

Binance’s Internal XRP Transfers

Initially, speculation arose about a mysterious whale moving massive quantities of XRP. However, investigations using the XRP-focused explorer, Bithomp, revealed that these transactions originated from wallets connected to Binance itself.

This suggests that Binance is likely restructuring its sizable XRP holdings by redistributing them across multiple wallets. Similar transfers have been noted over several weeks.

Ripple’s Transaction to Bitstamp

In a separate development, Whale Alert also flagged a transfer of 19,749,927 XRP (approximately $14,447,036) to Bitstamp, a major cryptocurrency exchange operating in both the U.S. and Europe. Bithomp confirmed that the sending wallet belongs to Ripple Labs, a San Francisco-based blockchain company specializing in cross-border payments.

Ripple and Bitstamp are partners within RippleNet, a blockchain-based network that uses XRP to facilitate fast and affordable international payments. This transaction likely reflects Ripple’s continued use of Bitstamp to support the ongoing operations of RippleNet.

Whales and XRP: Analyzing Their Influence on Price

Whales are individuals or entities that hold substantial quantities of cryptocurrency. Their large-scale buying or selling transactions have the potential to create ripples throughout the market and significantly influence the price of the tokens they hold.

In the case of XRP, whale hoarding can signal increased demand, potentially leading to upward price pressure. On the other hand, when whales liquidate their XRP holdings, the market may perceive this as reduced confidence, potentially triggering a sell-off and downward price movements.

However, it’s crucial to note that whale activity is only one of the factors affecting XRP’s price. Broader market sentiment, regulatory developments around XRP (such as the ongoing SEC case against Ripple), and overall adoption levels also play significant roles.

Tracking large transfers, often termed “whale movements,” can provide insights into potential market trends within the cryptocurrency landscape. In this case, the extensive XRP transfers from Binance are highly suggestive of the exchange’s internal asset management. On the flip side, Ripple’s activity signals the continued use of XRP in facilitating cross-border settlements through RippleNet.

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Ripple Makes Notable Expansion To Its Cross-Border Payments Platform

Adedoyin Aka — Sun, 10 Dec 2023 10:03:29 +0000

In a new development, Ripple, a leading provider of enterprise blockchain and crypto solutions, has announced a significant expansion of its flagship cross-border payments solution, RippleNet.

Renamed ‘Ripple Payments’, the upgraded platform leverages the power of blockchain technology to offer businesses faster, cheaper, and more efficient international transactions.

According to a press release, Ripple Payments comes with a notable update that extends its global coverage. Businesses now have access to over 70 crypto and traditional payout markets, encompassing nearly 100% of the world’s economies.

This extensive coverage is achieved through a simplified onboarding process, eliminating the complexities of managing international transactions. By democratizing access to Ripple’s network, small and medium-sized businesses (SMBs) can now participate in the global marketplace without facing entry barriers.

Seamless Integration with XRPL DEX

A key feature of Ripple Payments is its seamless integration with the XRP Ledger’s native decentralized exchange (XRPL DEX). This integration plays a crucial role in enhancing product performance and lowering barriers to entering new markets.

Businesses can now tap into a wide range of global liquidity options, ensuring their needs are met regardless of the currency or destination of their transactions. This eliminates liquidity shortages and provides greater flexibility to businesses and control over their international payments.

On-Demand Support and Dynamic Resource Allocation

Ripple Payments offers expanded liquidity options that enable the company to fulfill customers’ on-demand liquidity needs. Businesses no longer need to worry about having sufficient funds available in a specific currency or location.

Ripple can dynamically allocate resources to ensure smooth and efficient transactions. This on-demand support fosters greater trust and confidence in Ripple’s platform, solidifying its position as a leading provider of cross-border payment solutions.

According to Brendan Berry, head of payment products at Ripple, the company remains committed to unlocking the transformative potential of digital assets in cross-border payments. Berry emphasizes the need for a seamless and user-friendly experience that allows businesses to integrate blockchain technology into their operations and solve real-world problems more efficiently.

Pat Thelen, vice president of global account management at Ripple, highlights the broader applications of blockchain technology beyond payments. He identifies the tokenization of real-world assets as an exciting area with immense potential to revolutionize various industries.

Thelen points out that leveraging the unique properties of blockchain technology, such as programmability, immutability, and global transaction delivery, can unlock new levels of efficiency, transparency, and security across a wide range of applications.

Ripple’s latest advancements in cross-border payments represent a significant milestone in the global financial landscape. By expanding access to its network and harnessing the power of blockchain technology, Ripple empowers businesses of all sizes to participate in the global economy on equal footing.

As the potential of blockchain technology continues to unfold, Ripple remains at the forefront of innovation, paving the way for a transformed world of cross-border payments. This transformation promises to foster a more efficient, inclusive, and interconnected global financial system, benefitting businesses and individuals.

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XRP to Reach $10,000? Industry Expert Cites Global Payments System Overhaul

Adedoyin Aka — Mon, 27 Nov 2023 07:32:46 +0000

In a stunning declaration that has reverberated throughout the cryptocurrency community, Edward Farina, Head of Social Adoption at XRP Healthcare, made a strong case for XRP skyrocketing to an astonishing $10,000 in the future.

Farina’s prediction is contingent on the success of Ripple’s payment network in replacing the outdated SWIFT system in the global banking sector.

Farina’s Conviction: Understanding Supply and Demand

Farina’s prediction is rooted in a deep understanding of market dynamics, particularly the interplay between supply and demand. He argues that the skepticism surrounding XRP’s potential for exponential growth stems from a lack of comprehension of these fundamental principles.

“People fail to grasp the concept of supply and demand,” Farina stated in a recent post on the X platform. “I constantly encounter individuals expressing disbelief when someone suggests XRP could reach $10,000. (Not claiming it will, but it’s a possibility).”

Farina’s conviction is based on the sheer volume of transactions facilitated by global financial institutions like SWIFT, which move hundreds of trillions of dollars worldwide. He believes that even capturing a fraction of this vast market could propel XRP to unprecedented heights.

At the heart of Farina’s prediction lies Ripple’s revolutionary cross-border payment network. RippleNet aims to address the inefficiencies and exorbitant costs associated with traditional SWIFT transactions by utilizing XRP as a bridge currency for seamless and cost-effective international payments.

RippleNet offers several advantages over SWIFT, including:

Real-time transaction settlement: XRP transactions are settled in an average of 3 seconds, significantly faster than SWIFT’s system.

Finality: XRP transactions achieve finality almost instantaneously, eliminating the risk of reversals and ensuring payment immutability.

Cost-effectiveness: XRP transactions are remarkably inexpensive, often costing fractions of a penny, compared to SWIFT’s fees.

Farina emphasizes XRP’s technological superiority over other prominent cryptocurrencies, particularly in terms of transaction speed and finality.

“XRP settles value in real-time (an average of 3 seconds) and with finality. BTC cannot do that, neither ETH nor SWIFT. Period,” Farina asserts.

Grayscale Recognizes XRP’s Potential

Grayscale, a leading asset manager in the digital currency space, echoes Farina’s bullish sentiment. In its recent “Currencies Crypto Sector” report, Grayscale identifies XRP as a potential challenger to SWIFT’s dominance, stating:

“Beyond Bitcoin, XRP is the second-largest asset. Designed as an alternative to SWIFT, XRP aims to offer fast cross-border payments at lower transaction costs than competitors.”

Challenges and Opportunities on the Road to SWIFT’s Replacement

While RippleNet has made significant strides in disrupting the traditional cross-border payment landscape, replacing SWIFT’s entrenched position remains a formidable challenge.

Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) over whether XRP constitutes a security has cast a shadow over its progress. However, a favorable resolution could pave the way for RippleNet’s widespread adoption and accelerate its path to replacing SWIFT.

Edward Farina’s prediction of XRP potentially reaching $10,000 underscores the transformative power of RippleNet and XRP’s technological prowess. While challenges persist, the potential rewards are undeniable.

As RippleNet gains traction and the SEC lawsuit approaches its conclusion, XRP has the opportunity to redefine the global cross-border payment landscape and embark on a trajectory toward extraordinary heights.

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World Economic Forum: Ripple Is Doing for Value What Internet Did For Information

Ndianabasi Tom — Thu, 25 Aug 2022 10:15:19 +0000

World Economic Forum (WEF), the international organization for public-private cooperation, has flaunted Ripple, the leading cross-border payment service provider and blockchain solution company, as its official partner. It also emphasized that Ripple is doing for value what the internet did for information.

The independent and not-for-profit Forum, which strives to demonstrate entrepreneurship in the global public interest, noted on its website that its choice of Ripple is because the San Francisco-headquartered crypto company is adding value to financial services worldwide.

The WEF added that Ripple brings forward developments and offers solutions capable of catalyzing a new digital economy for governments, businesses, and consumers. The blockchain company, therefore, enables global financial businesses and institutions to unlock greater economic opportunities for everyone.

According to the World Economic Forum, “Ripple is doing for value what the internet did for information: enabling its instant and seamless flow around the world. Using blockchain and cryptocurrency technology, Ripple is dedicated to creating powerful gains in financial efficiency, equity, and inclusion.”

Above all, this development shows that Ripple is still regarded as a reliable crypto company despite the ongoing XRP lawsuit filed against the company by the United States Securities and Exchange Commission (SEC). The SEC led by Gary Gensler contends that the digital asset was sold as an unregistered security.

XRP is the digital token used by Ripple to power On-Demand Liquidity (ODL) solution. Recently, XRP whales have been moving massive amounts of the digital token, XRP, between top crypto exchanges and unknown wallets, despite the unfavorable market trend.

RippleNet Adoption Grows

Ripple has joined hands with numerous financial institutions and banks around the world to foster cross-border payments.

It is worth noting that Ripple’s solutions and financial technology are being utilized in over 50 countries as the crypto company continues to enhance the real-world application of blockchain technology.

Earlier this month, Ripple invaded Brazil as it appears to be a ripe ground for its services. The first exclusive bank for foreign exchange transactions in Brazil, Travelex bank collaborated with Ripple to facilitate customers’ access to international money through several services including remittance and international payments, ATMs, multi-currency prepaid cards, etc.

Courtesy of the RippleNet technology, the company is transforming how money is being transferred globally and with lesser charges. Little wonder why the World Economic Forum (WEF) has embraced the blockchain company. Also, Fortune Magazine, the global media organization, recently ranked Ripple among the top 50 Best Medium Workplaces in 2022.

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Ripple Partners with Travelex Bank To Foster Cross-Border Payments in Brazil

Ndianabasi Tom — Fri, 19 Aug 2022 13:06:14 +0000

Travelex Bank, the first exclusive bank for foreign exchange transactions in Brazil has joined forces with Ripple, the San Francisco-based crypto solutions company and leader in cross-border payment services, to enable customers to send money across borders efficiently with very low costs.

The strategic partnership between Ripple and Travelex bank was announced in a Thursday press release. With this collaboration, “the bank seeks to facilitate customers’ access to international money through several services including remittance and international payments, ATMs, multi-currency prepaid cards, and more”, as disclosed in the announcement.

Taking into consideration the fact that over $780 billion in payments are sent into Brazil annually, the region is a ripe market for Ripple and its customers.

The Brazil-based bank is thrilled to embrace RippleNet’s On-Demand Liquidity (ODL) solution for crypto-enabled enterprise payments. Customers will now be able to instantly and seamlessly execute cross-border transactions at cheaper rates.

Travelex bank has now become the first bank in Latin America to utilize RippleNet’s On-Demand Liquidity(ODL) solution. The bank was also the first to be registered and approved by the Central Bank of Brazil to operate exclusively in foreign exchange.

It is worth noting that Ripple’s innovation, On-Demand Liquidity (ODL) utilizes XRP, the token majorly distributed by Ripple, as a bridge between two fiat currencies. ODL enables instant and low-cost settlement without the need to hold pre-funded capital in the destination market.

Part of the announcement read;

“Through the use of ODL, Travelex will deliver near instant settlement and access to liquidity 24/7/365, allowing them to better grow and scale their business.”

“At launch, Travelex will support payments between Mexico and Brazil, with plans to support more corridors and use cases, including internal treasury and bulk small and medium-sized enterprises (SME) payments, in the future.”

In commenting on the partnership, Ana Tena, CEO of Travelex Bank Brazil said;

“Travelex Bank is a 100% digital and 100% personal bank. We were the first exclusive foreign exchange bank approved and regulated by the Central Bank of Brazil. Focused on e-Fx transactions, we embrace tech to offer the best solutions to individuals and companies of all sizes and for the most diverse sectors.”

Ripple’s Chief Executive Officer, Brad Garlinghouse also said:

“Brazil is a key market for Ripple given its importance as an anchor to business in Latin America, its openness to crypto, and country-wide initiatives that promote fintech innovation. As a result, the market is experiencing an explosion of activity as institutions look to adopt crypto and blockchain technology to solve customer pain points.”

“From day one, we’ve focused on building solutions that deliver real utility and we are excited to collaborate with an innovative partner like Travelex Bank to help move money more efficiently for the benefit of its customers across Brazil,” he added.

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Qatar’s Largest Bank, QNB Now Offers Direct Remittance Service to the Philippines Using RippleNet

Ndianabasi Tom — Mon, 25 Jul 2022 13:36:17 +0000

QNB, the largest bank in the Middle East and Africa, has adopted the RippleNet technology to offer direct remittance service for money transfers from Qatar to the Philippines. QNB becomes the first bank in Qatar to launch such a service.

QNB Adopts Ripple’s Financial Technology

According to a Monday update, QNB Group in partnership with Ripple and China Bank becomes the first bank to roll out a direct remittance service for money payments from Qatar to the Philippines.

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In confirming the bank’s latest initiative, Adel al-Malki, general manager, QNB Group Retail Banking, said; “QNB has always been a pioneer financial technology accelerator in Qatar and the region. Our partnership with Ripple will provide our customers with a frictionless and safe experience to send funds in a way that fits their lifestyle.”

However, to make this Qatar-to-Philippines direct remittance service active, QNB will have to link with the Philippines’ top private universal bank, China Bank. Ripple’s financial technology, RippleNet, will serve as the gateway for these connections to be achieved.

The Managing Director, South Asia & MENA at Ripple, Navin Gupta commented: “QNB is our biggest partner in the MENA region and we are delighted to continuously strengthen this partnership on RippleNet to additional countries. The Philippines is one of the largest remittance receivers globally, and we are pleased to be connecting QNB with China Bank to process remittances from Qatar to the Philippines via Ripple Net.”

Notably, the Philippine nationals in Qatar are the primary focus of this recent development. As revealed in the announcement, the newly launched remittance service will enable these top officials to make transfers up to PHP50,000 to any bank in the Philippines in real-time. “All transactions above PHP50,000 sent prior to the cut off time will be credited on the next working day”, it added.

This first-to-market solution by the leading bank in Qatar’s financial sector is to help foster fast cross-border payments. Altogether, customers of the bank will have a better remittance experience.

In addition, Marlon Hernandez, Head of Remittance Business Division at China Bank noted; “This is an exciting time for us to partner with the largest financial institution in the Middle East and Africa to launch remittances to the Philippines using Ripple.

“We are offering this service for all China Bank’s customers free of charge, allowing them to receive funds instantly into their account with China Bank and charging them as little as PHP30 to carry the transactions via local channels to other banks in the Philippines”, he added.

Growing Adoption For RippleNet Technology

The adoption of RippleNet technology, powered by the leading enterprise blockchain and crypto solutions company, Ripple, continues to increase.

Interestingly, RippleNet technology is already being employed for payment services in places like Morocco and New Zealand.

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