The XRP community has been engaged in a lively discussion regarding the role of XRP in transactions among Tranglo’s 5,000 partner banks. While there is no explicit confirmation of the banks using XRP, a lawyer who supports XRP has come to the defense of Ripple payments and the utilization of XRP.
Ripple payments and XRP are anticipated to revolutionize the financial industry, starting with partnerships with traditional banks. Ripple and XRP provide the necessary infrastructure to facilitate liquidity and enable faster, more efficient, and cost-effective transfers.
Despite Ripple’s significant progress in forming partnerships, there is still disagreement over the number of banks actually using Ripple payments and XRP. This became evident following a controversy that arose on the X platform. It all began with a quote from a 2018 Financial Times report stating that no banks were utilizing XRP.
Prominent pro-XRP lawyer Bill Morgan sparked the discussion by pointing out that Tranglo uses XRP in its cross-border payment services through Ripple’s On-Demand Liquidity (ODL) platform. As Tranglo is backed by Ripple and has a network of nearly 5,000 banks, the potential for XRP utilization is significant. Morgan stated, “Tranglo uses XRP in ODL for cross-border payments for its customers, and its network involves 5,000 banks.”
However, as one user pointed out, there has been no explicit confirmation of the banks using XRP. The user noted, “Nowhere does it say they use XRP. You CAN use Ripple payments without XRP. It’s On-Demand Liquidity, not On-Demand XRP.” Morgan defended his argument by sharing an image that captured their involvement. “You did not prove that no banks in that network are not involved in ODL,” he asserted.
Despite the ongoing controversy, it remains unclear how many banks are actually using Ripple payments. However, several banks have confirmed their partnership with Ripple over the years. Some notable examples include Santander (USA), Canadian Imperial Bank of Commerce (Canada), Kotak Mahindra Bank (India), Itaú Unibanco (Brazil), IndusInd (India), InstaReM (Singapore), BeeTech (Brazil), Zip Remit (Canada), LianLian (China), RAKBANK (U.A.E.), IFX (U.K.), TransferGo (U.K.), Currencies Direct (U.K.), Airwallex (Australia), SEB (Sweden), SBI Remit (Japan), Siam Commercial Bank (Thailand), and Krungsri (Thailand).
Ripple remains optimistic about forming more partnerships, especially in the U.S., but its efforts have been hindered by the ongoing Ripple v. SEC case. As highlighted by CNF, a crucial deadline is approaching on March 22, when the regulator will present its opening brief on proposed XRP remedies. Speculation suggests that the SEC may be considering the conclusion of the lengthy legal battle.
In a recent report, CNF highlighted Tranglo’s expansion strategy as a prominent partner of Ripple and a global payment service provider (PSP). Tranglo has entered the European market and is set to transform cross-border payments across the continent through its adoption of Instant SEPA and collaboration with European fintech company Inpay. This partnership represents a significant milestone for Tranglo’s global presence, particularly in Europe and Asia.
