TLDR
- AMINA Bank becomes the first European bank to integrate Ripple Payments for cross-border transactions.
- The partnership enables near real-time settlement and reduces the cost of cross-border transfers for clients.
- Ripple’s technology bridges the gap between blockchain and traditional banking systems, reducing operational friction.
- The collaboration expands AMINA Bank’s services to include payments with stablecoins like RLUSD.
- Ripple’s global payments network now covers over 90% of foreign exchange markets.
Switzerland-based AMINA Bank has become the first European bank to integrate Ripple Payments for cross-border transactions. The partnership allows AMINA Bank to offer near real-time settlement services to clients using blockchain technology. This collaboration marks a significant step in the adoption of blockchain in traditional banking systems across Europe.
Reducing Friction Between Blockchain and Traditional Rails
AMINA Bank aims to streamline the process of cross-border payments by leveraging Ripple’s end-to-end payment infrastructure. The bank’s clients will be able to transfer funds quickly and at a lower cost. Ripple’s technology ensures that these transactions meet the reliability standards required by institutions dealing with multiple currencies and digital assets.
“Native web3 businesses often face challenges when working with legacy banking systems,” said Myles Harrison, Chief Product Officer at AMINA Bank. “Traditional correspondent networks weren’t designed for stablecoin transactions. Ripple’s infrastructure helps reduce this friction, enabling clients to maintain their competitive edge.”
Ripple’s solution also addresses operational challenges faced by crypto-native businesses. Blockchain transactions tend to move faster than traditional correspondent banking networks, creating gaps in settlement times. Ripple’s technology bridges this gap, providing smoother integration between blockchain and fiat systems.
Strengthening Capabilities for Crypto and Traditional Clients
Through the partnership, AMINA Bank can now offer seamless cross-border payment solutions for both crypto and traditional clients. Ripple’s licensed infrastructure allows the bank to expand its service offerings. This includes rapid payouts in multiple currencies and the ability to handle stablecoins like Ripple USD (RLUSD).
Cassie Craddock, Managing Director for the UK and Europe at Ripple, emphasized the importance of this partnership. She said, “We are providing AMINA Bank’s clients with a crucial bridge between fiat and blockchain payment systems.” This integration expands the bank’s capabilities, offering clients faster and more efficient payment processing solutions.
Expanding Global Adoption of Ripple Payments
This partnership is part of Ripple’s broader strategy to expand its global network for institutional payments. Ripple Payments now processes over $95 billion in volume and covers more than 90% of global foreign exchange markets. The collaboration with AMINA Bank underscores Ripple’s commitment to integrating blockchain technology into regulated financial markets.
Ripple Payments are already available in several countries, including Australia, Brazil, Dubai, Mexico, Singapore, Switzerland, and the United States. As Ripple continues to grow its presence in regulated financial markets, its partnership with AMINA Bank signals increasing interest from traditional banks in adopting blockchain solutions.
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