A financial institution has begun to take advantage of the plushin rivlet through RippleNet, making the total number of banks in the Ripple ecosystem to 200.
Financial application companies and banks such as Euro Exim, SendFriend and JNFX have merged RippleNet with cash and instant settlement of payments that reportedly offer faster, more transparent alternatives and lower alternatives to traditional settlement systems such as SWIFT.
Brad Garlinghouse responds to the critics of the Ripple
In an official announcement, Brad Garlinghouse, Chief Executive Officer of Ripple, said that 100 financial institutions joined RippleNet last year and that the blockbuster network saw a 350% increase in immediate payments.
After a positive year in 2018, Garlinghouse revealed that RippleNet signs two or three clients on a weekly basis, consisting mostly of financial institutions that need to settle cross-border payments efficiently.
For example, the head of emerging markets at JNFX, Ashai Mervin, said RippleNet is cost-effective when processing payments to international customers.
In a separate statement, Reebel CEO Brad Garlinghouse noted that Ripel's critics claimed that XRP would not be used by banks in the foreseeable future. However, he pointed out that Ripple is witnessing an increase in demand for RippleNet, especially for cross-border payments and international payments.
What is the aim of the Rifle now?
The company is currently trying to penetrate the global $ 2 trillion global payment market, which is dominated by SWIFT.
In the short term, banks and large financial institutions are unlikely to turn fully to RippleNET and RIBL liquidity solutions because the main banks control the SWIFT network and have the incentive to rely on the existing infrastructure.
Ripple can continue to target small banks and applications of financial technology as described in new customers who signed this week in an attempt to create their own ecosystem and compete with SWIFT by making large banks use RippleNet to connect with smaller banks in both established and emerging markets.
At the moment, RippleNet needs to maintain its growth rate if it wants to compete with global settlement systems and find ways to introduce key financial institutions into its ecosystem because the value of the settlement network ultimately comes from top-tier organizations in addition to liquidity.