XRP: Which Banks Use It? A 2024 Guide

What is XRP and How Do Banks Use It?

If you’re wondering about "xrp which banks use it," you’re likely seeking to understand the relationship between XRP, Ripple, and the banking sector. XRP is a digital asset developed by Ripple Labs designed to enable fast, low-cost international payments. Unlike Bitcoin or Ethereum, which are primarily decentralized cryptocurrencies, XRP is optimized for banking and financial industry use, particularly for remittances and cross-border transactions.

Banks around the world are always seeking ways to save costs, increase transaction speed, and serve customers better. XRP aims to solve common financial issues such as slow processing times and high fees associated with traditional cross-border banking networks.

RippleNet and XRP: The Gateway for Banks

RippleNet is Ripple Labs' enterprise blockchain solution connecting hundreds of banks, payment providers, and digital asset exchanges. RippleNet forms the backbone of institutional XRP usage, letting banks settle transactions in seconds. However, not all banks using RippleNet directly utilize XRP in their payment flows—some leverage Ripple’s messaging technology or just the xCurrent solution.

• RippleNet consists of:
  • xCurrent (messaging and settlement layer, not always using XRP)
  • xRapid (now called On-Demand Liquidity or ODL), which actively uses XRP

How does XRP fit in?

• XRP is primarily used in Ripple’s On-Demand Liquidity (ODL) service.
• ODL replaces pre-funded accounts by using XRP as a bridge currency, significantly reducing costs and transaction times.

Which banks are working with RippleNet and XRP?

Not all bank partnerships are public or lead to immediate institutional use of XRP. Rather, RippleNet has a mix of partner types:

| Bank / Payment Institution | RippleNet User | ODL (XRP) User | Country | |------------------------------|:---------------:|:--------------:|:------------------| | Santander | ✔️ | ⚠️ Pilots/partial | Spain, UK | | SBI Remit (via SBI Holdings) | ✔️ | ✔️ | Japan | | PNC Bank | ✔️ | ❌ (xCurrent) | United States | | Tranglo | ✔️ | ✔️ | Southeast Asia | | Banco Rendimento | ✔️ | ✔️ | Brazil |

*✔️ = Publicly confirmed / ⚠️ = Limited/Testing / ❌ = Not using XRP directly

Multiple remittance companies—such as MoneyGram (prior to ending its partnership in 2021), Azimo, and FlashFX—have also run pilots or used ODL with XRP liquidity. Banks tend to be cautious, often starting with Ripple’s messaging software before exploring the use of XRP.

Recent Developments: Project Updates and Adoption in 2024

The landscape for XRP adoption changes rapidly. In 2023–2024, Ripple expanded its partnerships in the Asia-Pacific and South American markets, largely driven by high remittance demands and favorable regulatory environments.

• Tranglo, SBI Remit, and Banco Rendimento increased their use of ODL, incorporating more corridors that settle transactions with XRP, as described in reports by Ripple and Dune Analytics.
• According to Nansen, XRP transaction volumes for institutional purposes spiked in late 2023, likely reflecting increased use by payment companies and partner banks in developing regions.
• While top-tier US and European banks have been slow to embrace XRP fully (often due to regulatory uncertainty), RippleNet’s list of partners includes over 200 global players, many of whom are actively exploring ODL.

Regulatory Clarity

Regulation plays a key role in broader adoption. Ripple’s partial legal clarity in the United States in 2023 spurred renewed interest from payment companies, but wide-scale bank usage of XRP as liquidity remains limited in North America and Europe for now.

User Questions: FAQs on XRP and Bank Usage

Do banks actually use XRP or just RippleNet technology?

Many banks leverage RippleNet’s messaging layer for efficient cross-border payments. The actual use of XRP (via ODL) is most prominent among remittance companies and smaller banks in Asia-Pacific and Latin America. Large, traditional banks often start with Ripple’s tech before potentially trialing XRP as regulatory clarity improves.

Why don’t more banks use XRP directly?

Banks are risk-averse and operate in highly regulated environments. Barriers to direct XRP use include:

• Regulatory uncertainty (especially in the United States)
• Volatility of cryptocurrency markets
• Existing investment in legacy infrastructure

Which regions have the highest XRP adoption among banks?

• Asia-Pacific: SBI Remit (Japan), Tranglo (Malaysia, Singapore, Philippines)
• Latin America: Banco Rendimento (Brazil), Remessa Online (Brazil)

Is XRP replacing SWIFT?

RippleNet and ODL challenge SWIFT’s dominance by offering faster settlement (seconds versus days) and lower fees. However, SWIFT remains the default network for most interbank transactions. XRP adoption is growing, but SWIFT's deep global reach means coexistence rather than replacement—at least for now.

How can individuals use XRP?

You don’t need to be a bank to use XRP. Anyone can buy, store, and transfer XRP instantly using a web3 wallet. For best security and features, Bitget Wallet is recommended.

Insights and Comparisons from Reliable Sources

• According to Glassnode, XRP’s unique address activity spiked after new ODL corridors opened, suggesting rising transactional use (not just speculation).
• Ripple’s official site states over 300 financial institutions have joined RippleNet, but only a subset (dozens) are currently active ODL users.

Comparison Table: Bank vs. Remittance Adoption

| Type | RippleNet Use | ODL (XRP) Use | Adoption Barriers | |----------------------|--------------|--------------|------------------------| | Major Banks | Yes | No/Limited | Regulation, risk, scale| | Remittance Companies | Yes | Yes | Smaller corridors, agile|

Key Takeaway: Ripple’s strategy is to onboard partners at the software level (RippleNet), then enable ODL with XRP as regulatory clarity and market liquidity grow.

What to Watch Next: The Future of Banks and XRP

Banking innovation is moving fast, and XRP is at the center of many major digital payment trends. Expect more remittance and payment firms to adopt ODL—especially in the Asia-Pacific and Latin Americas—before XRP sees major usage among global banking giants.

If you want to explore XRP for your transfers or investments, choosing a reliable exchange is crucial. Bitget Exchange offers direct XRP trading with strong security and liquidity. For safe storage and quick access to RippleNet or any other assets, Bitget Wallet is an excellent choice for both beginners and advanced users.

Get ahead of the curve by understanding which banks use XRP and how this technology is transforming global payments. Watch for updates from Ripple, Dune, and industry-leading analytics firms to stay on top of adoption trends.