Financial Institutions Building on Ripple: The Growing List of XRP-Enabled Banks

The list of banks using XRP continues to expand rapidly as financial institutions worldwide recognize the potential of blockchain-based payment solutions. Ripple’s ecosystem has evolved from a experimental initiative into a functional payment infrastructure, with over 300 financial institutions now participating in its network globally. This comprehensive guide explores which major banks and payment processors have integrated Ripple’s technology, why they’ve chosen to do so, and what this adoption means for the future of international finance.

Why Global Banks Are Adopting XRP and Ripple Solutions

Banks face mounting pressure to modernize their payment infrastructure. Traditional cross-border transactions remain slow and expensive, often taking multiple days while incurring substantial intermediary costs. Ripple addresses these challenges through a combination of messaging protocols and digital assets designed specifically for financial institutions.

XRP serves a dual function in Ripple’s ecosystem: it acts as a bridge currency that eliminates the need for banks to maintain pre-funded accounts in multiple currencies. When a bank in Spain needs to settle payments with a counterpart in Thailand, XRP handles the intermediary conversion in seconds rather than days. This On-Demand Liquidity (ODL) model, previously called xRapid, has become increasingly attractive to banks managing liquidity across multiple corridors.

The advantages are compelling. Transaction settlement times collapse from days to mere seconds. Operational costs drop dramatically—often below $1 per transaction compared to $20–50 for traditional correspondent banking. Banks also gain real-time transparency into transaction status and immutable records that reduce fraud risk and compliance overhead.

Major Financial Institutions on the Ripple Network

The institutions adopting Ripple solutions span continents and market segments. While not all participating banks deploy XRP directly in every transaction, the following organizations have confirmed integration with RippleNet or ODL infrastructure:

Europe and Global Players:

• Santander operates One Pay FX, a digital remittance service built on RippleNet, providing real-time international payments across its customer base
• Standard Chartered has integrated RippleNet for correspondent banking settlements
• Bank of America confirmed pilot programs testing RippleNet for internal and cross-border payment scenarios

Asia-Pacific Region:

• Siam Commercial Bank (Thailand) runs ODL pilots and has expanded XRP-based settlement corridors
• MUFG (Japan) operates settlement services via RippleNet
• SBI Holdings (Japan) has built extensive remittance infrastructure incorporating Ripple and XRP for specific corridors
• Tranglo (Malaysia) processes ODL transactions for regional payment flows
• FlashFX (Australia) offers remittance services using Ripple’s infrastructure

Americas:

• PNC Bank uses RippleNet for settlement and compliance
• Banco Rendimiento (Brazil) processes ODL transactions for Latin American corridors

These institutions represent a mix of deployment models. Some leverage exclusively RippleNet’s messaging and settlement layer. Others—particularly payment service providers and remittance specialists—have adopted XRP directly for liquidity management.

Ripple’s Expanding Ecosystem: From Institutional Pilots to Full XRP Integration

The trajectory of XRP adoption among banks has accelerated noticeably. During the 2022–2023 period, research from platforms like Nansen indicates that 20–30% more financial institutions piloted or launched ODL solutions. This acceleration continued into 2024 and beyond, with particular momentum in emerging markets across Southeast Asia, the Middle East, and Latin America.

Several factors have driven this expansion. First, regulatory clarity in most jurisdictions has improved, though the U.S. regulatory environment remains complex due to ongoing litigation. Second, Ripple has demonstrated clear ROI through verifiable transaction data. According to Ripple’s official 2024 report, payment volume processed via ODL and XRP increased approximately 9-fold from early 2022 through late 2023, driven by new bank corridors in high-demand regions.

Third, central bank digital currency (CBDC) initiatives have indirectly validated blockchain-based settlement approaches. Ripple has collaborated with institutions including the Central Bank of Montenegro on pilot CBDC projects, legitimizing the underlying technology in conservative financial circles.

The timing of adoption varies by region. Developed markets like Europe and Japan have seen gradual, measured integration by large incumbent banks. Emerging markets have embraced XRP-enabled solutions more rapidly, particularly in Southeast Asia and the Middle East, where correspondent banking infrastructure has been historically fragmented.

Understanding the Distinction Between RippleNet and XRP Usage

A critical nuance often overlooked: not every bank on the Ripple network uses XRP directly. Some institutions derive value purely from RippleNet’s messaging standard and settlement coordination layer, similar to how SWIFT functions. Others specifically utilize XRP as a liquidity bridge.

The table below contrasts different implementation models:

This distinction matters because it means the actual list of banks actively using XRP as a liquid asset is smaller than the total RippleNet participant base, though the ODL segment continues expanding.

Tracking Global Adoption Trends and New Entrants

The list of banks using XRP remains dynamic. According to public announcements from Ripple Insights and industry databases like Dune Analytics, over a dozen new financial institutions and payment processors joined RippleNet during 2023, with continued onboarding expected through 2024 and 2025.

Geographic expansion has been particularly notable in:

• Southeast Asia: New ODL corridors connecting Thailand, Malaysia, and Indonesia
• Middle East: Integration with regional financial institutions for remittance and trade finance
• Latin America: Partnership expansion with payment processors and local banks in Mexico, Brazil, and Colombia

To monitor which banks are actively adopting XRP, resources include:

• Ripple’s official announcements and partnership blog
• Dune Analytics dashboards tracking ODL transaction volumes
• Nansen and Glassnode reports analyzing on-chain settlement activity
• Financial news outlets covering institutional blockchain adoption

How Ripple XRP Compares to Competing Payment Solutions

To contextualize Ripple’s position, a comparison with alternative solutions illustrates its competitive advantages:

SWIFT (Traditional Standard):

• Settlement Time: 1–4 days
• Transaction Cost: $20–50+
• Institutional Adoption: Universal
• Speed Advantage: None (baseline technology)

Ripple XRP (Blockchain Alternative):

• Settlement Time: Seconds
• Transaction Cost: <$1
• Institutional Adoption: Growing (300+ institutions)
• Speed Advantage: 100–1000x faster than SWIFT

Stellar XLM (Competing Protocol):

• Settlement Time: Seconds
• Transaction Cost: <$1
• Institutional Adoption: Limited (primarily remittance-focused)
• Speed Advantage: Comparable to Ripple but fewer major bank partnerships

Bitcoin Network:

• Settlement Time: 10–60 minutes
• Transaction Cost: Variable ($5+)
• Institutional Adoption: Growing but not for banking infrastructure
• Speed Advantage: Faster than SWIFT but slow for ODL applications

From this perspective, Ripple’s combination of speed, cost, and institutional adoption creates a distinct competitive position in the banking technology landscape.

Practical Implications for Banking Operations and Future Expansion

The expansion of the banks using XRP list signals a broader industry shift toward blockchain-based settlement infrastructure. For banks evaluating Ripple integration, the current landscape offers several takeaways:

Near-term opportunities: Banks in emerging markets with fragmented correspondent networks stand to gain the most immediate ROI. Regional hubs connecting multiple countries through ODL corridors can dramatically reduce settlement friction.

Regulatory considerations: While U.S. regulatory uncertainty persists, international banks can still derive value from XRP-based corridors that don’t involve U.S. dollar settlement. European, Asian, and Middle Eastern banks have continued deployment with minimal regulatory friction.

Liquidity management: The shift from pre-funding to on-demand liquidity fundamentally changes balance sheet management. Banks can redirect capital freed from nostro/vostro accounts toward revenue-generating activities.

Interoperability: As the list of banks using XRP grows, network effects accelerate. More corridors → more partners → greater utility → faster adoption cycles.

Key Takeaways on Banks Using XRP

The list of banks and financial institutions adopting Ripple’s XRP and broader RippleNet infrastructure will continue expanding as regulatory clarity improves and transaction volumes demonstrate clear economic benefits. From Santander’s consumer-facing remittance platform to Tranglo’s regional settlement operations, diverse institution types have validated blockchain-based payment infrastructure.

The distinction between RippleNet usage and direct XRP adoption remains important but is blurring as ODL integration becomes more standard among serious adopters. Early movers in developed markets are now joined by aggressive expansion in Asia, the Middle East, and Latin America.

For those tracking institutional blockchain adoption, monitoring which banks use XRP and which corridors become operational offers valuable insight into where financial technology is genuinely transforming banking operations—not merely as pilots, but as productive infrastructure. Stay informed through official Ripple channels, blockchain analytics platforms, and industry reports to understand how this evolving list shapes the future of global payments.