6 Biggest Banks Using Ripple (XRP) Products

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RippleNet is a cutting-edge financial network designed to enable real-time, low-cost cross-border payments. As global banks seek faster and more efficient alternatives to traditional systems like SWIFT, an increasing number are integrating Ripple’s innovative solutions. Over 100 financial institutions, including major global banks, now leverage Ripple’s technology to streamline international transactions and expand into new markets.

The growing adoption has also positively influenced the market position of XRP, Ripple’s native digital asset, which has consistently ranked among the top cryptocurrencies by market capitalization. Below, we explore some of the world’s largest banks actively using or testing Ripple’s products such as xCurrent, xRapid, and RippleNet.

PNC Bank

PNC Bank, one of the top ten banks in the United States with over $6.0 billion in assets, joined the XRP blockchain ecosystem in 2016. With more than eight million customers and operations across 19 states, PNC began using xCurrent in September 2018 to accelerate its cross-border payment processes.

By adopting Ripple’s enterprise-grade solution, PNC has enhanced its ability to offer near-instant settlement services, reinforcing its competitive edge in the U.S. banking sector. This integration underscores how traditional financial institutions are embracing blockchain to improve efficiency and customer experience.

👉 Discover how leading banks are transforming global payments with blockchain technology.

Santander Bank

Santander Bank, N.A., a subsidiary of the Spain-based Banco Santander Group, serves customers primarily in the northeastern United States. With over $57.5 billion in deposits and a network of 650 branches and 2,000 ATMs, Santander has been at the forefront of fintech innovation.

The bank announced a strategic partnership with Ripple Labs in March 2018. Although initial details were limited, it was later confirmed that Santander had been testing RippleNet and other liquidity solutions. The institution started using xCurrent in November 2017, focusing on improving transaction speed and transparency for international transfers.

This collaboration highlights how global banking giants are proactively exploring blockchain to modernize legacy systems.

Standard Chartered Bank

Headquartered in London, Standard Chartered is a multinational banking powerhouse serving clients across Asia, Africa, and the Middle East. The bank partnered with Ripple in 2016 and quickly adopted xCurrent to modernize its cross-border payment infrastructure.

In a significant expansion move, Standard Chartered announced plans to support additional currency corridors via RippleNet by the end of 2018. Notably, in November of that year, the bank targeted the $15 billion remittance corridor between India and Singapore—demonstrating Ripple’s growing role in high-volume international trade routes.

Standard Chartered's continued investment in Ripple reflects confidence in blockchain’s potential to reduce costs and settlement times.

Cuallix

Cuallix, a financial institution operating in Mexico, the United States, and Hong Kong for over 25 years, partnered with Ripple in October 2017. Specializing in credit and payment processing for individuals and enterprises, Cuallix implemented xCurrent to enable instant settlement and end-to-end tracking of cross-border transactions.

In February 2018, Cuallix made history by becoming one of the first financial institutions to pilot xRapid, Ripple’s liquidity solution that uses XRP to minimize pre-funded capital requirements. By leveraging XRP for U.S.-to-Mexico remittances, Cuallix significantly reduced transaction costs—a milestone that could inspire broader adoption across the banking industry.

This case illustrates how smaller institutions can lead innovation by embracing digital assets for real-world financial challenges.

Skandinaviska Enskilda Banken (SEB)

SEB, a leading financial group based in Stockholm, serves over four million individuals, 400,000 SMEs, and thousands of corporate clients across Northern Europe. The bank began using xCurrent in 2017 as part of its digital transformation strategy.

According to Paula da Silva, SEB’s former Head of Innovation & Payments, the platform evolved rapidly: “Last year there was only one customer on it. Now we have ALL SEB customers doing inter-company transfers between Sweden and the US on the Ripple platform. So we have a couple of billion going through that.”

SEB’s primary focus has been on optimizing settlements between Sweden and the United States—proving that even large-scale operations can achieve near-instant clearing with blockchain.

Mitsubishi UFJ Financial Group (MUFG)

Mitsubishi UFJ Financial Group (MUFG), the fifth-largest bank globally by total assets, entered a collaboration with Ripple to explore next-generation payment technologies. A MUFG representative highlighted key advantages over traditional systems:

“Today, for many of us, we may have to go through SWIFT and encounter charges; many intermediary banks are part of that, and typically an SLA for fund transfer or movement is between one and three days. Using technology such as Ripple, we can get that done in something like 30 seconds, which is significantly different and at a cheaper cost as well.”

While MUFG emphasizes that Ripple is one of several solutions under evaluation, they acknowledge its effectiveness in enabling rapid, low-cost transfers across their global branch network.

Frequently Asked Questions

Are banks actually using Ripple and XRP?
Yes. Hundreds of financial institutions worldwide—including major banks like Santander, Standard Chartered, and PNC—use RippleNet for cross-border payments. While not all use XRP as a liquidity tool, many test or deploy Ripple’s suite of products.

Can banks use Ripple without XRP?
Absolutely. RippleNet operates independently of XRP. Banks can use xCurrent for messaging and settlement without involving the cryptocurrency. However, solutions like xRapid utilize XRP for on-demand liquidity to reduce capital costs.

Which banks are part of RippleNet?
Key members include Santander (USA), Standard Chartered (UK), Canadian Imperial Bank of Commerce (Canada), Kotak Mahindra Bank (India), Itaú Unibanco (Brazil), and SEB (Sweden). The network spans over 200 institutions globally.

👉 See how financial institutions are leveraging blockchain to revolutionize global finance.

Is XRP replacing SWIFT?
While not fully replacing SWIFT yet, Ripple aims to do so progressively. Asheesh Birla, former Senior Vice President at Ripple, stated that RippleNet could start displacing SWIFT within five years, especially as more banks adopt On-Demand Liquidity (ODL) powered by XRP.

Do any banks hold XRP?
Banks generally do not hold XRP directly. However, they may use it indirectly through services like xRapid for liquidity during transactions. The token is primarily held by exchanges, institutional investors, and retail holders.

What makes XRP attractive for banks?
XRP enables faster settlements (under 5 seconds), lower fees, and reduced need for pre-funded accounts abroad. With the capacity to handle 1,500 transactions per second, it outperforms most traditional systems and even other blockchains in speed and scalability.

Ripple’s technology appeals to banks aiming to modernize their infrastructure while cutting operational costs—especially in high-frequency corridors like remittances.

👉 Explore how blockchain is reshaping the future of banking—start your journey today.

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