Knowledge Ripple

Which Banks Use XRP?

This article will address the list of banks that are currently using Ripple XRP Technology.

Considering the recent years, ripple XRP has been able to convince many major financial institutions of the benefits of their payment technologies over conventional bank transfer systems.

Banks follow RippleNet in real-time processing of cross-border payments with end-to-end monitoring and assuredness.

Moreover, the Ripple network provides an Internet protocol, trust ledger, and a native cryptocurrency called XRP, which is distributed as an open-source.

RippleNet, a network in which participants like banks and financial service firms, used a standard interface to streamline transactions, financial contracts, and payments.

The KEY thing which separates Ripple XRP from all the other cryptocurrencies is that it is not just a cryptocurrency but, it is far beyond that.

These are all the popular banks that are implementing xCurrent and other approaches to boost infrastructure for both B2B purchases and their consumers.

However, there are far too many partners of RippleNet which aren’t listed here.

List of Banks Using Ripple’s Technology

1. Standard Chartered Bank – (London, UK)

The Standard Chartered PLC is a global British banking and financial services business headquartered in London, England.

The UK multinational investment bank Standard Chartered, which has made a strategic investment in Ripple. In addition, It is a go-to bank for many regions in Asia, Africa, and the Middle East.

Standard Chartered’s association with Ripple in 2015 when a Proof-of-Concept was released that applied to the protection of invoicing commercial finance.

2. SBI Holdings – (Tokyo, Japan)

Since 2016, SBI securities Inc. has been a longtime partner of Ripple in Japan. SBI has agreements with both Ripple and R3 to streamline instant remittances and cross-border payments.

However, SBI strongly believes in Ripple that led to the founding of SBI Ripple Asia, which aims to increase Ripple’s adoption in Asia.

However, the confirmation and settlement of cross-border transaction payments take almost 3-4 days.

3. American Express – (New York, United States)

The American Express Company provides American multinational financial services.

American Express has operated a successful and celebrated a pilot cross-border program between the USA and UK.

In a matter of seconds, the pilot saw the international transaction done.

4. Royal Bank of Canada – (Toronto, Canada)

The Royal Bank of Canada is a Canadian global financial services corporation. This is Canada’s biggest bank by market capitalization.

This is the largest bank in Canada and operates in over 50 countries. Most specifically, Ripple’s products are one of the first banks to have tested.

In September 2018, a report showed that the bank claims the Ripple and the XRP ledger have reduced banks’ transaction costs by 46 percent.

5. Bank of America – (North Carolina, United States)

The Bank of America Merrill Lynch is an American international investment bank now known as BofA Securities.

It has observed the growth of blockchain and published a Ripple-related proof-of-concept focussing on cross-border solutions.

The PoC clearly says that the solutions offered by Ripple could improve payment tracking, data transfer, and security in payment settlement.

6. Banco Santander – (Boadilla del Monte, Spain)

Banco Santander is a Spanish multinational bank. it has been featured extensively in the press for its comprehensive work with the solutions from Ripple.

In 2018, Santander collaborated with Ripple and also introduced a payment app called One Pay FX, which uses xCurrent to enable rapid transactions between business entities.

However, it recently opened a gateway between the United States and Latin America.

7. Cargills Bank – (Colombo, Sri Lanka)

Cargills Bank Limited is a licensed Sri Lankan commercial bank and, it has domestic and offshore operations.

The bank announced in August 2018 that it would d join the RippleNet to boost its transboundary payment services.

Executives at the company have said they believe the solutions from Ripple can make the service more streamlined and effective.

8. Kotak Mahindra Bank – (Mumbai, India)

Kotak Mahindra Bank is the second-largest bank in the country by market capitalization.

It provides banking products and financial services in the fields of personal finance, investment banking, life insurance, and wealth management to corporate and retail clients.

Ripple, which has already set up an office in Mumbai city and, it has collaborated with the country’s multiple financial institutions. 

Kotak will use the xCurrent to monitor immediate remittance transactions in the region. Moreover, the benefits include prompt cross-border payment settlement, end-to-end monitoring, and decreased time and expense.

9. Royal Bank of Scotland – (Edinburgh, UK)

The Royal Bank of Scotland, along with NatWest and Ulster Bank, is one of NatWest group’s retail banking subsidiaries.

Like several others on this list, as part of its GBP $3.5 billion program, it has produced a proof-of-concept utilizing Ripple’s technology to remodel its technical framework.

Many other names of blockchain and crypto are listed in this PoC, showing the excitement for DLTs it has. Furthermore, as part of this project, it’s partnered with RippleLabs.

10. UBS – (Zürich, Switzerland)

UBS Group AG is a Swiss multinational investment banking and financial services firm, founded and headquartered in Switzerland.

Swiss multinational bank UBS is the world’s leading bank among Swiss banks. However, it controls the world’s largest amount of private wealth including nearly half of the world’s billionaires.

In 2016, UBS developed a research laboratory for blockchain technology to improve cybersecurity and the encryption of client activities. In Addition, it works with Ripple’s technology to build cross-border payment solutions, however, it is still looking at other alternatives.

11. National Bank of Abu Dhabi – (Abu Dhabi, UAE)

The Abu Dhabi National, whose name has since switched to First Abu Dhabi Bank, which is the Middle East and North Africa’s largest bank.

Although, this is the first middle eastern bank that utilizes Ripple for cross-border remittances.

The broad international network makes it especially suitable for using Ripple’s cross-border solutions when it comes to its remittances (at $19 billion per annum).

12. Siam Commercial Bank (Bangkok, Thailand)

The Siam Commercial Bank (SCB) is the biggest commercial bank in Thailand that declared its plan to use the Ripple solutions earlier in 2019.

The particular approach the SCB is focused on is the multi-hop function of Ripple, which allows for frictionless payment settlements on behalf of other financial organizations.

Moreover, it revealed the results of a positive cross-border pilot program, having an international transaction outcome of just one minute.

13. National Bank of Kuwait– (Kuwait City, Kuwait)

The National Bank of Kuwait is the largest financial organization, with branches and subsidiaries such as, in China, Geneva, London, Paris, New York, and several others.

Kuwait’s National Bank, one of Kuwait’s most popular banks, joined RippleNet in mid-2018, saying it’s keen to use Ripple’s innovative tools to provide optimum customer service.

A further significant financial organization in the region, the Kuwait Finance House, has also embraced Ripple’s solutions, having introduced a cross-border remittance program that allows users to make such transactions for the Saudi Riyal.

14. Credit Agricole – (Montrouge, France)

Crédit Agricole Group is the largest cooperative financial institution in the world, also called “la Banque verte” because of its historical ties to agriculture.

Many of the institutions that come under it, particularly along the Swiss border, using Ripple’s solutions to pass payable compensation in Swiss Francs to their French bank accounts.

Credit Agricole also announced at the 2019 Paris Blockchain Conference to introduce a cross-border remittance system with Ripple, and the Swiss regional banks have already tested this.


15. Axis Bank – (Mumbai, India)

Axis Bank is the third-largest Indian bank in the private sector, offering a variety of financial services.

The bank announced in 2017 that it would join RippleNet, using the technologies to raise foreign payments.

The bank has also launched a retail customer service to receive payments from the RakBank in the UAE. Also, its corporate customers to receive payments from the Singapore Standard Chartered Bank.

Solutions that Ripple XRP is Providing:

RippleNet now primarily offers three types of solutions. Moreover, it is using the xCurrent solution from RippleNet, banks can process cross-border payments for their clients.

Ripple uses a dynamic conversion technique for the currency which allows Ripple to always give the lowest exchange rate.

Ripple currently recognizes a few fiat currencies such as USD, GBP, etc. Resources such as gold, silver, and a range of common cryptocurrencies, for instance, BTC, LTC, the native cryptocurrency XRP, etc.

If you want to make a transaction through Ripple, you can install coinremitter the crypto payment gateway to send, receive store, exchange Ripple, and other cryptocurrencies.

However, the pace of the transaction is very fast, and it could be done within a minute.


Why 20 XRP require to activate ripple address?

Since the crypto coins came onto the market many people didn’t understand the fundamental structure of crypto coins and the way they work. Moreover, Each coin has its own space of work where it uses its own rules to run.

There are so many crypto coins in the crypto market like Bitcoin, Litecoin, Bitcoin Cash, Ethereum, Ripple, Doge, USDT, Dash. Every coin has used its formation but XRP(ripple) is quite different.

However, people are in trouble whether to create an address of XRP or not? in contrast, When someone creates a new address then it needs to activate it. it must have to fund 20 XRP as deposit fees. This is a kind of mystery where most people wouldn’t believe because as per like other crypto coins don’t allow to deposit a fund in order to create an address then how XRP would allow funding in an address in order to activate address?

In this article, we will enlighten the areas which we covered and to make your doubts clear about either if it’s true or kind of rumor.

What is the base reserve?

The base reserve is the minimum amount of XRP which is compulsorily required for every address in the ledger. That basic amount is 20 XRP to fund in an address as it’s called Deposit fees.

Why 20 XRP is Necessary?

As per the statement of the organization who are maintaining XRP have said that the fee structure of 20 XRP is to make it an Anti-spam ledger. Where people don’t unnecessarily create an address like they open for nothing sometimes and never use it after. As one of the main factors which were included by the makers that this amount can’t be withdrawn by the individuals as it will be stored or locked up in an address. To protect XRP address from malicious usages an organization took this step in favor of those users who are actually using XRP address in good manners. They also include that the goal is to create a resistance in between the growth of ledger to match improvements in technology so that the current commodity level can always fit the current ledger in RAM and the full ledger history on disk.

Users cannot send this 20 XRP to other addresses. if anyone willing to transfer these coins then they must include or fund more XRP in the address as per reserve requirement.

What if Someone has not enough funds?

Nothing will happen if someone has not pursued an amount of 20 XRP in Ripple address but, they can not be able to use this address until they have 20 XRP in their address and one has to transfer more than 20 XRP as the first transaction to newly created address.

All in the Final words, that address will consider as a non-using address until they deposit enough or at least 20 XRP in an address in order to activate the XRP address.


If someone creates a new XRP address and fund more than 20 XRP. Let’s just assume that someone funded 50 XRP in the new address and if they wanted to transfer funds in someone else’s XRP address then they would only be able to send 30 XRP at the time because the remaining 20 XRP is the necessary fund to keep activated an XRP address. No one will be able to transfer those 20 XRP from the address.

Even whenever you make transactions in future those 20 XRP are inevitable. If someone wants to transfer a big amount then they should have counted the amount by keeping aside those 20 XRP from XRP(ripple) address.

Can I use one xrp address for multiple purposes?

Unlike any normal crypto coins, XRP(ripple) is quite different from them when it comes to rules & regulations. If anyone who is not aware of what XRP addresses more requires apart from 20 XRP as a mandatory amount. This address used for more than one purpose conversely, It has one more function in order to make it more transparent to use for multiple purposes.

That function called a destination tag. The main thing about this functionality is to specify each recipient of the transaction.

What Is the destination tag?

A destination tag is a kind of functionality that identifies the particular recipient in the transaction system.

This tag could be a 9 digit number that used in every XRP address to show the particular recipient. In addition, the destination tag is an optional function for sending XRP to other addresses. However, If someone wants to create that tag then it has no issue. But One thing to assure that some of the exchange systems do require destination tags.

(Note: when you copied your address link in order to forward that address link to your buyer then destination tag also been copied with it. Make sure to check the link before sending it to the buyer.)

On the other hand, the destination tag ain’t necessary if someone has their own personal address for this coin. Conclusively, the main purpose of this function is to identify each recipient‘s transactions.


all the information in this article may confuse all the users first. But the one main thing has cleared that this isn’t a rumor and an actual fact that 20 XRP is mandatory.

XRP(ripple) organizers have corrected all the information. Moreover, they only wanted one thing is that to protect XRP address from filthy hands and provide the best experience to the actual customers.