AMINA Bank Partners With Ripple on Cross-Border Payments

• Ripple partners with AMINA Bank to enable seamless, cost-effective cross-border payments.
• AMINA Bank becomes the first European bank to adopt Ripple’s end-to-end payments solution.
• Ripple’s technology bridges blockchain and traditional banking systems for faster transactions.

Ripple, a leading fintech company, has announced a partnership with AMINA Bank AG to improve cross-border payments for the bank’s clients. This collaboration marks AMINA Bank as the first European bank to adopt Ripple’s licensed end-to-end payments solution. AMINA Bank, regulated by the Swiss Financial Market Supervisory Authority (FINMA), aims to offer faster, more reliable cross-border payments.

The partnership would enable AMINA Bank’s clients to reduce friction between blockchain and traditional banking systems. By integrating Ripple’s payment infrastructure, the bank’s clients could move funds seamlessly and settle transactions more efficiently. This would reduce the reliance on traditional payment infrastructure, making transactions faster and cheaper.

Bridging Blockchain and Traditional Banking with Ripple

Myles Harrison, CPO at AMINA Bank, explained the challenge that companies working in blockchain come across when dealing with traditional banking systems. He added that the traditional banks have so far not embraced stablecoins for cross-border payments. The procedure with which AMINA Bank preserves fiat and stablecoins would help clients flexibly execute transactions behind the scenes, keeping them in the flow of the cryptocurrency movement.

According to Cassie Craddock, Managing Director of Ripple UK and Europe, this is a big deal. Ripple’s payments tech is a bridge between fiat and blockchain payments, she added. This allows customers of AMINA Bank to send fast payments in Ripple USD (RLUSD) and other stablecoins, as well as facilitating speedy payouts across multiple currencies.

The collaboration builds on an already existing, successful relationship that the two have enjoyed as Ripple has continued to expand its network of banks. At the beginning of this year, AMINA Bank became the first financial institution to support Ripple (RLUSD) and provide custody and trading services to its clients. 

Ripple Payments boasts a global presence, processing transactions in over 90% of daily foreign exchange markets. It processes more than $95 billion in volume, offering a secure and reliable infrastructure for financial institutions worldwide. Ripple’s licensed solution is currently available in several regions, including Australia, Brazil, Dubai, Mexico, Singapore, Switzerland, and the United States.

Related: Ripple Partners with Global Nonprofits to Revolutionize Humanitarian Aid

Ripple Gains Regulatory Approval

On Dec. 1, Ripple was granted a license from Singapore’s Monetary Authority to operate its payments service in the city-state. This means Ripple could provide Full Digital Payment services on the back of its Major Payment Institution (MPI) license. Ripple’s additional license capacity will further reduce the need for expensive foreign exchange providers and take the hassle out of sending money home or to loved ones in new markets.

Ripple is building a presence in Singapore. Ripple’s move into Singapore is a part of the company’s continued effort to deliver compliant digital asset solutions to banks and other financial institutions. Monica Long, Ripple’s General Manager, commended the clarity on regulation offered by the Monetary Authority of Singapore. She thinks such a structure would enable Ripple to partner more closely with the financial services here.

The implementation of Ripple Payments by AMINA Bank underscores a rising market interest in advanced financial services. AMINA Bank incorporates Ripple’s technology for delivering advanced solutions to both crypto and traditional financial customers. 

Ripple keeps turning heads to change how cross-border payments are transacted. The platform’s solutions are intended to be quicker, more transparent, and an inexpensive alternative to the traditional banking system. Ripple is set to be a key player in the coming days of global remittance, as more and more companies continue joining them.

This collaboration is another giant step towards the convergence of legacy finance and digital assets. With the use of Ripple’s payments technology, AMINA Bank would be able to offer its customers an easy transition into a blockchain-powered financial landscape.