Banks Using RippleNet: Institutional Adoption at Scale

While much of the crypto industry focuses on speculation, Ripple and the XRP Ledger have been quietly building institutional infrastructure for over a decade. Today, major banks and payment providers across North America, Europe, Asia, and Latin America use RippleNet to settle cross-border transactions in seconds instead of days.

This isn't theoretical. It's operational. Here are the institutions already using RippleNet and XRP—and why their adoption matters for Canada.

North America: CIBC, PNC, Bank of America

CIBC: Canada's RippleNet Pioneer

Canadian Imperial Bank of Commerce (CIBC), one of Canada's Big Five banks, joined RippleNet in 2022. CIBC implemented Ripple's On-Demand Liquidity (ODL) solution to conduct rapid, low-cost international payments without holding foreign currency reserves in local banks.

This is significant because it means a major Canadian bank is already using XRPL infrastructure in production. CIBC's adoption aligns with Canada's progressive fintech landscape and demonstrates that Canadian institutions are willing to modernize cross-border infrastructure with blockchain-based rails.

For Canadian businesses banking with CIBC, this means access to faster international payments with lower fees—proving that RippleNet works for Canadian institutions today, not tomorrow.

PNC Bank: First Major US Bank on RippleNet

PNC Bank, one of the largest banks in the United States, was the first major US financial institution to join RippleNet. PNC uses Ripple's technology to enable real-time international payments for commercial clients.

For businesses, this means faster cash flow management and the ability to receive international payments instantly—without waiting 3-5 days for traditional wire transfers to clear. PNC's adoption signals that large US banks see value in blockchain-based payment rails.

Bank of America: Testing Ripple for Cross-Border Transfers

Bank of America has tested Ripple's solutions for international money transfers, aiming to reduce settlement times and lower fees. While not a full production deployment, Bank of America's exploration of RippleNet indicates that even the largest US banks are evaluating blockchain infrastructure for payments.

Europe: Santander and One Pay FX

Santander, a major global bank based in Spain, was an early adopter of RippleNet. Its consumer app, One Pay FX, enables customers to send money internationally with faster processing and upfront fee transparency.

One Pay FX uses Ripple's network to settle payments between multiple countries. Customers see exactly when funds will arrive—unlike traditional wire transfers, which can take days with unpredictable fees. Santander has also tested XRP for liquidity in some corridors, aiming to reduce the need for pre-funded accounts.

Santander's adoption proves that RippleNet isn't just for corporate treasury operations—it works for retail customers sending money to family or paying bills internationally.

Asia: SBI Holdings, MUFG, and Siam Commercial Bank

SBI Holdings: Japan's RippleNet Pioneer

SBI Holdings, one of Japan's largest financial services groups, is a major proponent of XRP. Through its subsidiary SBI Remit, the company uses XRP to send remittances from Japan to other Asian countries in seconds.

SBI Ripple Asia, a joint venture between SBI and Ripple, focuses on expanding RippleNet across the Asian banking sector. By partnering with regional banks, SBI is building a network where XRP becomes the default bridge currency for cross-border payments.

MUFG: Japan's Largest Bank

Mitsubishi UFJ Financial Group (MUFG), Japan's largest bank, joined RippleNet to improve overseas payment services. MUFG's primary goal is to support instant remittances between Japan and countries like the United States and Thailand.

MUFG's adoption is significant because it represents a tier-1 global bank integrating blockchain infrastructure for production use—not just pilots or proofs-of-concept.

Siam Commercial Bank: Southeast Asia's Leader

Siam Commercial Bank (SCB) in Thailand uses RippleNet to offer instant international payments. Southeast Asia is home to millions of migrant workers who send remittances home, making fast, low-cost transfers essential.

By integrating Ripple's solutions, SCB has reduced transaction times from days to seconds. This positions SCB as a leader in digital banking across the region and demonstrates RippleNet's viability for high-volume retail remittances.

Standard Chartered: Global Reach

Standard Chartered, a major international bank, uses RippleNet to speed up transactions between Asia, the Middle East, and Africa. The bank focuses on providing faster, more reliable cross-border transfers for clients in emerging markets where traditional banking rails are slow and expensive.

Latin America: Bitso and BeeTech

Latin America is a critical market for RippleNet adoption due to high remittance volumes and inefficient traditional banking.

Bitso: Mexico's Crypto Gateway

Bitso, Mexico's largest crypto exchange, uses XRP to facilitate remittances between the United States and Latin America. By leveraging Ripple's On-Demand Liquidity (ODL) solution, Bitso enables near-instant transfers with lower fees than traditional providers like Western Union.

Bitso's partnership with Ripple has led to significant growth in cross-border transaction volume, proving that XRP works for real-world payments at scale.

BeeTech: Brazil's Payment Innovator

BeeTech, a Brazilian payments company, uses RippleNet to help users send money across borders quickly and cheaply. Brazil has a large diaspora and significant cross-border trade, making RippleNet a valuable tool for both individuals and businesses.

Why Institutional Adoption Matters

These aren't pilots. These aren't proofs-of-concept. These are production systems handling real transactions for real customers.

• CIBC uses On-Demand Liquidity for Canadian cross-border payments
• PNC enables real-time business payments for US commercial clients
• Santander serves retail customers with One Pay FX across multiple countries
• SBI processes remittances with XRP in seconds across Asia
• MUFG integrates blockchain for Japan's largest bank
• Bitso moves billions in US-Latin America corridor

This demonstrates that blockchain-based payments are viable today—and XRPL is the infrastructure that works. Most importantly for Canada: one of our Big Five banks is already using it.

What This Means for Canada

CIBC has already proven that Canadian banks can successfully integrate RippleNet. One of the Big Five is using Ripple's On-Demand Liquidity in production—meaning the infrastructure works, the regulatory path exists, and the business case is validated.

The question isn't "Can Canadian banks use XRPL?" The question is: When will the other Big Five follow CIBC's lead?

Beyond traditional banks, the opportunity extends across Canadian finance:

• Fintechs: Koho, Wealthsimple, and Neo could integrate RippleNet for instant international transfers
• Banks: RBC, TD, Scotiabank, and BMO could follow CIBC's lead with ODL
• Stablecoins: Canadian banks could issue CAD stablecoins on XRPL for real-time settlement
• Enterprises: Energy companies, importers/exporters could use XRPL for cross-border invoicing and treasury operations

The infrastructure exists. The use cases are proven. CIBC is already using it. The question is: who's next?

Where to Learn More

For more on institutional RippleNet adoption:

• Webopedia: Banks Using XRP
• DailyCoin: Exploring Ripple's Global Network
• CoinPaper: Banks Using XRP for Cross-Border Payments