Sending money across borders traditionally meant waiting days and paying steep fees. In 2026, that's changing faster than most people expected — over 300 financial institutions now use RippleNet,Sending money across borders traditionally meant waiting days and paying steep fees. In 2026, that's changing faster than most people expected — over 300 financial institutions now use RippleNet,
What Banks Use XRP? Complete List of Financial Institutions Using Ripple
Sending money across borders traditionally meant waiting days and paying steep fees. In 2026, that's changing faster than most people expected — over 300 financial institutions now use RippleNet, Ripple secured a federal trust bank charter, and at least 30 SWIFT-connected banks already overlap with Ripple's ecosystem.
This guide answers exactly what banks use XRP today, how they implement this technology, and why the pace of institutional adoption is accelerating.
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 — while Zand Bank in the UAE and Cross River Bank's X Money connection represent the fastest-moving developments of 2026.
- 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, and the OCC conditionally approved Ripple National Trust Bank in December 2025, together providing the clearest regulatory foundation XRP has ever had for institutional banking use.
- 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
The following is the most complete and up-to-date list of confirmed Ripple partnerships and XRP-using financial institutions, organized by region.
Asia-Pacific Region:
- SBI Holdings / SBI Remit (Japan) — Full ODL implementation; expanding RLUSD to Japan with blockchain retail bonds on Osaka Digital Exchange (2026)
- Axis Bank (India) — RippleNet member; one of the first Indian banks to adopt cross-border blockchain payments (2017)
- Kotak Mahindra Bank (India) — RippleNet member for international payments
- UnionBank (Philippines) — ODL for overseas worker remittances
- ChinaBank (Philippines) — XRP-backed transfers for Gulf-to-Philippines corridor
- Siam Commercial Bank (Thailand) — ODL for real-time cross-border remittances
- DBS Bank (Singapore) — Ripple Custody client for institutional digital asset management
- Woori Bank (South Korea) — RippleNet for payments; digital asset custody via BDACS ecosystem
- Shinhan Bank (South Korea) — RippleNet member for cross-border payments
- Kbank (South Korea) — Ripple Custody partner; first internet-only bank in Korea to adopt bank-grade digital asset wallet infrastructure (April 2026)
- Kyobo Life Insurance (South Korea) — Ripple Custody partner; Korea's first tokenized government bond settlement on blockchain (April 2026)
- MUFG Bank (Japan) — RippleNet member for international settlement
- Commonwealth Bank of Australia — Pilot exploration (status unconfirmed as of 2026)
- Vietcombank (Vietnam) — Pilot exploration (status unconfirmed as of 2026)
North America:
- PNC Financial Services (USA) — First major U.S. bank on RippleNet for commercial cross-border settlement
- Canadian Imperial Bank of Commerce / CIBC (Canada) — ODL for real-time cross-border settlement
- American Express (USA) — RippleNet for B2B cross-border payments
- Cross River Bank (USA) — Ripple protocol partner since 2014; banking backbone for X Money (2026)
- Frankenmuth Credit Union (USA) — XRP services for members
Europe:
- Santander (Spain/UK) — RippleNet for One Pay FX international transfer service
- Standard Chartered (UK) — RippleNet for Asia and Middle East payment corridors
- AMINA Bank (Switzerland) — First European bank on Ripple Payments end-to-end; FINMA-regulated, live since December 2025
- BBVA (Spain) — Ripple Custody for retail digital asset services under EU MiCA framework (September 2025)
- DZ Bank (Germany) — Ripple Custody for institutional tokenized bond settlement under German eWpG law
- Intesa Sanpaolo (Italy) — Ripple Custody client for institutional digital asset initiatives
Middle East:
- Zand Bank (UAE) — Live on Ripple Payments since 2025; uses XRP and RLUSD for cross-border settlement depending on corridor
- Mamo (UAE) — Ripple Payments for cross-border transfers (May 2025)
- Al Ansari Exchange (UAE) — Ripple Payments for cross-border remittances
- National Bank of Fujairah (UAE) — RippleNet for cross-border payment solutions
- RAKBANK (UAE) — RippleNet for UAE-India remittance corridor
- Qatar National Bank (Qatar) — XRP-backed transfers for Qatar-Philippines corridor
- Riyadh Bank (Saudi Arabia) — RippleNet for remittance systems
Latin America:
- Travelex Bank (Brazil) — First Latin American bank on ODL; full XRP-powered cross-border settlement
- Banco Rendimento (Brazil) — RippleNet for remittance flows
- Banco Genial (Brazil) — Ripple Payments for cross-border payouts (2026)
- Interbank (Peru) — ODL customer for cross-border payments
Africa:
- Standard Bank (South Africa) — RippleNet integration for cross-border settlement
Payment Service Providers:
- MoneyGram (Global) — Formal ODL partnership ended; most prominent early real-world XRP remittance case
- BeeTech (Brazil) — Ripple Payments for cross-border fintech flows
- InstaReM (Singapore) — RippleNet for regional money transfers
- SendFriend (USA) — ODL for international remittances
- Remitr (Global) — RippleNet for cross-border business payments
Major financial institutions across six continents now use or pilot XRP technology through RippleNet.
Below we detail the leading adopters in each region.
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.
In 2026, SBI Holdings took the next step by bringing RLUSD to Japan and launching blockchain-based retail bonds on the Osaka Digital Exchange — cementing its position as XRP's most active institutional partner in Asia.
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.
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.
Cross River Bank: Ripple's Oldest U.S. Banking Partner
Cross River Bank is the FDIC-insured institution behind major fintech platforms like Affirm and Coinbase — but its connection to Ripple goes back further than most people realize.
Cross River integrated Ripple's protocol in September 2014, making it one of the first U.S. banks to adopt Ripple for real-time cross-border payments between the United States and Western Europe.
That partnership has run quietly for over a decade.
In 2026, Cross River became the deposit-holding bank for Elon Musk's X Money platform, which targets 600 million users — putting Ripple's oldest U.S. banking partner at the center of one of the most-watched fintech launches of the year. X has not confirmed whether XRP will be used within X Money's payment infrastructure, but the overlap has drawn significant attention from institutional observers.
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.
Beyond regulatory wins, Ripple's relationship with SWIFT itself has evolved in ways that most coverage misses entirely.
SWIFT and Ripple: What the 30 Connected Banks Actually Mean for XRP
One of the most-searched questions in XRP right now is about SWIFT — specifically, which banks connected to SWIFT also use Ripple.
The short answer: at least 30 of them.
In early 2026, SWIFT unveiled a new retail payment framework covering more than 50 banks across 25-plus payment corridors, with the first wave going live by mid-2026.
A close look at that list shows that at least 30 of those banks already have ties to Ripple's ecosystem — the same corridors, the same institutions.
But here's what that really means before you get too excited: most of those 30 banks use RippleNet for messaging only, not for XRP liquidity.
SWIFT didn't mention Ripple once in its announcement, and the framework doesn't require XRP at any point in the payment flow.
What's actually happening is more interesting than a direct partnership.
Ripple's partner Thunes — a Singapore-based payments company — brought stablecoin payouts to all 11,500 SWIFT-connected banks through standard SWIFT messaging in September 2025.
That created a routing chain where a payment can flow through SWIFT, get routed via Thunes, and settle on Ripple's On-Demand Liquidity rails using XRP as the bridge asset — all without any bank needing to directly hold XRP.
On top of that, Ripple Treasury joined SWIFT's Certified Partner Program, giving it official status within the SWIFT ecosystem for treasury management and bank connectivity.
The practical takeaway: the overlap between SWIFT's network and Ripple's institutional relationships is real and growing — but direct XRP usage still depends on whether banks move from messaging to On-Demand Liquidity.
Ripple National Trust Bank: What the OCC Approval Means for XRP
In December 2025, the U.S. Office of the Comptroller of the Currency gave Ripple conditional approval to establish Ripple National Trust Bank.
This isn't Ripple opening a checking account branch on Main Street.
A national trust bank can't take deposits, can't issue loans, and doesn't carry FDIC insurance.
What it can do is custody assets, manage reserves, and provide settlement services under direct federal oversight — and that's exactly what Ripple needs for its growing institutional business.
Ripple National Trust Bank's primary job will be managing the reserves that back RLUSD（Ripple's U.S. dollar-pegged stablecoin, launched in 2024）, which hit a $1 billion market cap in less than a year after launch.
Here's why that matters for banks considering XRP adoption: RLUSD will now be supervised at both the state level (by the New York Department of Financial Services) and at the federal level (by the OCC).
No other stablecoin issuer currently operates under that dual oversight structure.
For a compliance officer at a bank evaluating whether to use Ripple's payment rails, that's a meaningful difference.
Ripple wasn't alone in this regulatory wave — BitGo, Fidelity Digital Assets, Paxos, and Circle all received conditional approvals around the same time, signaling a broader shift toward crypto-native firms gaining federal banking status.
The OCC's final rule expanding national trust bank powers went live on April 1, 2026, clearing the path for Ripple to move from conditional approval toward full operations.
Ripple CEO Brad Garlinghouse called the approval "a massive step forward — setting the highest standard for stablecoin compliance with both federal and state oversight."
For everyday XRP investors and bank watchers, the bottom line is straightforward: every regulatory milestone like this lowers the barrier for traditional banks to partner with Ripple, because the compliance risk gets smaller every time a federal regulator puts its name behind Ripple's infrastructure.
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.
How many banks actually use XRP versus just RippleNet?
Over 300 institutions use RippleNet, but only a smaller subset — including SBI Remit, UnionBank, Siam Commercial Bank, and Travelex Bank — actively use XRP through On-Demand Liquidity for real settlement.
Which major U.S. banks use XRP today?
PNC Financial Services currently leads confirmed U.S. adoption on RippleNet. Cross River Bank has maintained an active Ripple integration since 2014 and now serves as the banking backbone for X Money.
Is Japan using XRP?
Yes — SBI Remit launched Japan's first ODL corridor in 2021 and has since expanded to Vietnam and Indonesia, making Japan one of XRP's most active real-world markets.
What banks are going to use XRP in the future?
With Ripple's OCC trust bank approval in place and RLUSD expanding into Japan, institutions across the Middle East, Europe, and Asia-Pacific are the most active candidates for the next wave of confirmed XRP adoption.
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.
What is Ripple National Trust Bank?
It's a federally supervised trust bank approved by the OCC in December 2025 to custody RLUSD reserves — not a retail bank, but a major regulatory milestone that lowers compliance barriers for institutions considering Ripple's payment rails.
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.
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.
The picture in 2026 is more nuanced than a simple list of adopters — at least 30 SWIFT-connected banks already have ties to Ripple's ecosystem, and Ripple's conditional OCC approval for a national trust bank signals that the regulatory foundation is catching up with the technology.
While adoption still varies from messaging-only to full ODL integration, the momentum is clearly pointing in one direction.
Regional leaders in Asia, Latin America, and the Middle East continue to show that XRP delivers real results for institutions serving remittance-heavy corridors — and the infrastructure being built today will determine which banks lead the next phase of global payments.
- Learn more about XRP technology in our comprehensive guide.
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