Sending money across borders traditionally meant waiting days and paying steep fees. Today, financial institutions worldwide are turning to XRP to revolutionize international payments. This guideSending money across borders traditionally meant waiting days and paying steep fees. Today, financial institutions worldwide are turning to XRP to revolutionize international payments. This guide

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What Banks Use XRP? Complete List of Financial Institutions Using Ripple

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Mar 31, 2026

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Sending money across borders traditionally meant waiting days and paying steep fees. Today, financial institutions worldwide are turning to XRP to revolutionize international payments.

This guide answers exactly what banks use XRP today, how they implement this technology, and why major financial institutions are adopting Ripple's digital asset for cross-border transactions.

You'll discover which banks lead XRP adoption, how the technology works in practice, and what this means for the future of global banking.

First, understand what XRP is and how it works.

Key Takeaways

SBI Holdings, Santander, and PNC Bank lead institutional XRP adoption across Asia, Europe, and North America.
Over 300 financial institutions use RippleNet infrastructure, though not all implement XRP directly for liquidity.
XRP enables cross-border settlements in 3-5 seconds with fees averaging $0.0002 per transaction.
On-Demand Liquidity (ODL) eliminates pre-funded currency accounts, freeing up trapped capital for banks.
Ripple's SEC case concluded in 2025, providing regulatory clarity for XRP's use in banking operations.
Regional leaders in Latin America, Middle East, and Asia demonstrate strongest XRP implementation for remittance corridors.

What Banks Use XRP Today? Leading Institutions by Region

Asia-Pacific Region:

SBI Holdings / SBI Remit (Japan) - Full ODL implementation
Axis Bank (India) - Active since 2017
Kotak Mahindra Bank (India) - RippleNet member
UnionBank (Philippines) - ODL for remittances
ChinaBank (Philippines) - XRP-backed transfers
Siam Commercial Bank (Thailand) - Real-time settlements
Woori Bank (South Korea) - RippleNet for payments
Shinhan Bank (South Korea) - RippleNet for payments
Commonwealth Bank of Australia - Exploring Ripple technology
Vietcombank (Vietnam) - Exploring solutions

North America:

PNC Financial Services (USA) - First major U.S. bank
Canadian Imperial Bank of Commerce (CIBC) - ODL adoption
American Express (USA) - B2B payments
Cross River Bank (USA) - Cross-border payments partner
Frankenmuth Credit Union (USA) - Offers XRP services

Europe:

Santander (Spain/UK) - One Pay FX service
Standard Chartered (UK) - Asia-Middle East corridors
MUFG Bank (Japan) - RippleNet member

Middle East:

Zand Bank (UAE) - Launched 2025
Al Ansari Exchange (UAE) - Cross-border payments
National Bank of Fujairah (UAE) - Cross-border solutions partner
RAKBANK (UAE) - UAE-India corridor
Qatar National Bank (Qatar) - Philippines corridor
Riyadh Bank (Saudi Arabia) - Remittance systems

Latin America:

Travelex Bank (Brazil) - First Latin American ODL
Banco Rendimento (Brazil) - Remittance flows
Interbank (Peru) - ODL customer

Africa:

Standard Bank (South Africa) - RippleNet integration

Payment Service Providers:

MoneyGram (Global) - Historic partnership
BeeTech (Brazil) - Cross-border fintech
InstaReM (Singapore) - Regional transfers
SendFriend (USA) - International payments
Remitr (Global) - Payment provider

Major financial institutions across six continents now use or pilot XRP technology through RippleNet.

Below we detail the leading adopters in each region.

1. Major Banks Using XRP Ripple Technology

SBI Holdings in Japan stands as Ripple's largest partner and clearest example of active XRP usage. The financial giant operates SBI Remit, which became Japan's first remittance provider to use Ripple's On-Demand Liquidity (ODL) in 2021 for Japan-to-Philippines transfers.

By 2023, SBI expanded this XRP-powered service to Vietnam and Indonesia, demonstrating sustained commitment to the technology.

Santander, one of Europe's banking giants, leverages RippleNet through its One Pay FX service. This application enables customers to send international payments with near-instant settlement times.

While Santander primarily uses RippleNet's messaging infrastructure, the bank has explored XRP for liquidity management in specific corridors.

2. North American Banks Adopting XRP Infrastructure

PNC Financial Services made history as the first major U.S. bank joining RippleNet. The institution uses Ripple's blockchain technology for international payment settlement, allowing commercial clients to process cross-border transactions in seconds rather than days.

Read the Bank of America and Ripple connection explained in detail.

Canadian Imperial Bank of Commerce (CIBC) joined RippleNet in 2022 and implements ODL for real-time cross-border settlement. This partnership allows CIBC to offer faster international transfers while reducing the capital typically locked in foreign currency accounts.

3. Asian Financial Institutions Leading XRP Adoption

Axis Bank in India launched Ripple-powered international payments back in 2017, prioritizing partnerships with institutions like RakBank in the UAE. This early adoption positioned Axis Bank as a pioneer in blockchain-based cross-border services.

UnionBank in the Philippines integrated RippleNet and ODL to facilitate instant money transfers for overseas workers sending remittances home. The bank's implementation eliminates the traditional multi-day waiting period that burdens millions of Filipino families.

Siam Commercial Bank in Thailand employs RippleNet through ODL to support real-time, low-cost remittances. This use case strengthens the bank's digital services and positions it as a financial innovation leader across Southeast Asia.

4. Latin American and Middle Eastern Banking Partners

Travelex Bank in Brazil became Latin America's first financial institution using ODL when Ripple launched the service there in August 2022. As a fully digital bank specializing in foreign exchange, Travelex represents Ripple's strategic entry into South American remittance markets.

Zand Bank, the UAE's first fully digital bank, was announced as Ripple's UAE client in May 2025 after Ripple secured its Dubai license. Zand uses Ripple Payments for cross-border transfers, choosing XRP and XRPL over SWIFT depending on transaction requirements.

Qatar National Bank partnered with ChinaBank in the Philippines to enable XRP-backed money transfers between Qatar and the Philippines, specifically targeting the massive corridor of Filipinos working in the Gulf region.

See all XRP applications and use cases.

How Banks Use XRP Technology for Cross-Border Payments?

The Traditional Banking Problem XRP Solves

Traditional cross-border payments rely on the SWIFT messaging system, which takes two to five business days to complete transfers. Banks must maintain pre-funded accounts called nostro and vostro accounts in foreign currencies, tying up massive amounts of capital.

These intermediary-heavy processes create high costs for consumers and businesses. A typical SWIFT wire transfer can cost between twenty-five and fifty dollars, plus unfavorable exchange rates.

Multiple correspondent banks handle each transaction, with each intermediary adding time delays and fees.

How XRP Acts as a Bridge Currency

XRP functions as a bridge asset between two fiat currencies, enabling instant conversion without pre-funded accounts. When SBI Remit sends money from Japan to the Philippines, the process works like this: Japanese yen converts to XRP, travels across the XRP Ledger in seconds, then converts to Philippine pesos on the receiving end.

Will XRP replace SWIFT entirely? Explore the full comparison here.

This entire transaction settles in three to five seconds with fees averaging just $0.0002 per transaction. The XRP Ledger processes up to 1,500 transactions per second, far exceeding traditional banking infrastructure capabilities.

Banks using On-Demand Liquidity don't need to hold XRP themselves—licensed exchanges handle the buying and selling on their behalf.

RippleNet vs XRP: Understanding the Difference

RippleNet serves as the global payment network infrastructure connecting over 300 financial institutions worldwide. Banks can join RippleNet to use its messaging and tracking capabilities without touching XRP directly.

This explains why some institutions list as RippleNet members but don't use XRP for actual liquidity.

On-Demand Liquidity represents Ripple's XRP-powered product. Banks choosing ODL actively use XRP as their bridge currency for cross-border settlements.

For example, Faysal Bank in Pakistan uses RippleNet's messaging platform as a faster SWIFT alternative but doesn't employ XRP for liquidity. In contrast, Travelex Bank in Brazil uses full ODL with XRP handling the currency conversion.

Why Banks Are Going to Use XRP Over SWIFT Systems

Financial institutions are choosing XRP for three compelling reasons: speed, cost savings, and capital efficiency.

Real-time settlement gives banks a competitive advantage in the remittance market, where customers increasingly demand instant transfers. When UnionBank processes a remittance through ODL, overseas workers see their money arrive home immediately rather than waiting three to five business days.

Cost reduction drives adoption across Latin America and Asia, where remittance fees traditionally consume significant percentages of transfers. By eliminating multiple intermediary banks and pre-funded currency accounts, institutions can offer more competitive rates to customers.

XRP's scalability addresses future growth without infrastructure overhauls. The technology can potentially scale to 65,000 transactions per second through Layer 2 solutions, positioning early adopters ahead of competitors still relying on legacy systems.

Regulatory clarity improved dramatically after Ripple's SEC case resolution in 2025, encouraging more institutions to explore XRP integration. Major investors including Citadel Securities backed Ripple with a $500 million investment at a $40 billion valuation in November 2025, signaling institutional confidence in the technology's future.

Frequently Asked Questions

Do all RippleNet banks use XRP directly?

No, many banks use RippleNet's messaging infrastructure without XRP, while others implement full On-Demand Liquidity with XRP as the bridge currency.

What banks are going to use XRP in the future?

Multiple European and Middle Eastern institutions are piloting Ripple technology, with regulatory approvals driving expansion across UAE, Saudi Arabia, and Brazil markets.

Which major U.S. banks use XRP today?

PNC Financial Services currently leads U.S. adoption on RippleNet, while Bank of America conducts internal transaction pilots using Ripple technology.

Has XRP replaced SWIFT for international transfers?

XRP operates alongside SWIFT as a "fast lane" alternative, not a complete replacement—most banks maintain both systems for different transaction types.

What is On-Demand Liquidity?

ODL is Ripple's service where XRP bridges two fiat currencies instantly, eliminating the need for banks to pre-fund foreign currency accounts.

Conclusion

Over 300 financial institutions now partner with RippleNet, with major banks like SBI Holdings, Santander, PNC, and CIBC actively implementing XRP technology for cross-border payments.

While adoption varies from messaging-only to full ODL integration, the trend shows clear momentum toward XRP as infrastructure for next-generation banking.

Regional leaders in Asia, Latin America, and the Middle East demonstrate that XRP provides tangible benefits for institutions serving remittance-heavy corridors.

For those interested in XRP, MEXC offers comprehensive trading options for this growing digital asset.