How Banks Are Secretly Testing XRP
Over 300 financial institutions use RippleNet. Dozens leverage XRP directly for cross-border payments via On-Demand Liquidity. Here's who's in — and who's testing quietly.
There's an important distinction between "using RippleNet" (Ripple's payment messaging network) and "using XRP directly" (On-Demand Liquidity). Over 300 institutions use RippleNet; a growing subset use ODL with XRP as the bridge currency. Key names include SBI Holdings, Santander, Standard Chartered, Tranglo, and the National Bank of Egypt. Many more are testing quietly.
| Key Facts | |
|---|---|
| RippleNet Partners | 300+ institutions |
| ODL Corridors | 55+ countries |
| Key Partner | SBI Holdings (Japan) |
| Largest Bank Partner | Santander (Global) |
| Africa Partner | National Bank of Egypt |
| SE Asia Hub | Tranglo (Ripple-owned) |
RippleNet vs. On-Demand Liquidity: The Key Distinction
When you hear "Bank X is using Ripple," it's crucial to understand what they're using. Ripple offers multiple products:
A payment messaging network that connects institutions for faster cross-border communication. Similar to upgrading from SWIFT, but doesn't necessarily use XRP. Think of it as the infrastructure layer.
Uses XRP as a real-time bridge currency to eliminate pre-funded accounts. This is where XRP gets directly bought and sold for every transaction. ODL is the XRP-native product.
Ripple's latest product combines messaging and liquidity into a single solution. Institutions can choose XRP-powered or traditional settlement per corridor.
Ripple's stablecoin adds another settlement option within the same network, complementing XRP for institutions wanting fiat-pegged stability.
Confirmed ODL Users (XRP Direct)
These institutions are confirmed to use XRP as a bridge currency through On-Demand Liquidity:
| Institution | Type | Region | Corridors |
|---|---|---|---|
| SBI Remit | Payment provider | Japan | Japan → Philippines, Vietnam, Indonesia |
| Tranglo | Payment hub (Ripple-owned) | SE Asia | Multiple Asian corridors |
| Modulr | Fintech | UK/Europe | UK → EU corridors |
| Azimo (Papaya Global) | Remittance | Europe | Europe → Philippines, others |
| FlashFX (Flash Payments) | Payment provider | Australia | Australia → SE Asia |
| Novatti | Fintech | Australia | Australia → SE Asia |
| SBI VC Trade | Exchange | Japan | Crypto/fiat liquidity provision |
| Banco Rendimento | Bank | Brazil | Brazil → international |
| Cuallix | Remittance | Mexico | US → Mexico corridor |
| GoLance | Freelancer payments | Global | Freelancer cross-border payouts |
| Viamericas | Remittance | Americas | US → Latin America |
| Intermex | Money transfer | Americas | US → Latin America |
Major RippleNet Bank Partners
These banks and financial institutions are confirmed RippleNet partners. Some may use ODL for specific corridors, while others primarily use the messaging layer:
SBI Holdings (Japan)
Ripple's most strategic partner. SBI created SBI Ripple Asia as a joint venture. Operates SBI Remit (confirmed ODL) and has integrated Ripple across its financial ecosystem. Japan's largest online brokerage.
Santander (Global)
One of the world's 15 largest banks. Uses RippleNet for its One Pay FX service for international transfers across Europe and Latin America. One of the earliest major bank adopters.
Standard Chartered (Global)
Top-20 global bank partnering with Ripple for cross-border payment solutions across Asia, Africa, and the Middle East.
National Bank of Egypt
Africa's largest bank by assets. Partnered with RippleNet for inbound remittances — a massive market given Egypt receives $30B+/year in remittances.
Bangkok Bank (Thailand)
Thailand's largest bank by assets, using RippleNet for cross-border payment processing.
Qatar National Bank
The largest bank in the Middle East and Africa by assets. RippleNet integration for international payments.
Kotak Mahindra Bank (India)
One of India's largest private banks, using RippleNet for cross-border remittances.
Banco de Occidente (Colombia)
Major Colombian bank using RippleNet for US-Colombia payment corridor.
Siam Commercial Bank (Thailand)
Invested in Ripple directly and uses RippleNet for Thailand's remittance market.
Itaú Unibanco (Brazil)
Latin America's largest bank by market cap, partnered with RippleNet.
Why Banks Don't Always Announce XRP Usage
The number of institutions publicly confirming XRP usage is likely a fraction of actual usage. Here's why:
Until the SEC case resolved, US-connected banks avoided publicly associating with XRP to reduce regulatory risk.
Payment corridors are competitive. Banks don't want competitors knowing which routes they're optimizing with XRP.
Many institutions use Ripple's technology through intermediaries. The end bank may not even know XRP is involved in the settlement.
Banks often pilot new technology for months or years before public announcements. Many are in 'quiet testing' phases.
"We have more customers using XRP than we can publicly name. Many of our bank partners are in jurisdictions where announcing crypto usage requires board-level approval and regulatory pre-clearance. The pipeline is significantly larger than what you see publicly." — Ripple CEO Brad Garlinghouse, 2025
Adoption by Region
| Region | Key Partners | ODL Status | Notes |
|---|---|---|---|
| Asia-Pacific | SBI Holdings, Bangkok Bank, SCB | Live (multiple corridors) | Strongest adoption region. Japan leads. |
| Europe | Santander, Modulr, Azimo | Live | Post-MiCA regulation enabling growth |
| Middle East | Qatar National Bank, SABB | Testing/Live | High remittance volume region |
| Africa | National Bank of Egypt | Testing/Live | Massive remittance opportunity ($100B+/yr) |
| Latin America | Itaú, Banco Rendimento, Cuallix | Live | US-Mexico and US-Brazil corridors active |
| North America | Various payment providers | Growing post-SEC | SEC resolution unlocking US adoption |
The 2026 Pipeline: What's Coming
Several factors are accelerating institutional XRP adoption in 2026:
SEC clarity removes the biggest barrier
US banks that were waiting on the sidelines can now engage with XRP without existential regulatory risk.
XRP ETF legitimizes the asset
A spot ETF would make XRP an 'institutionally acceptable' asset, removing compliance objections.
RLUSD provides a stablecoin on-ramp
Banks uncomfortable with XRP's volatility can use RLUSD within the same ecosystem, then transition to ODL.
ISO 20022 compatibility
As SWIFT migrates to ISO 20022, institutions are reevaluating their payment infrastructure. XRP/RippleNet is natively compatible.
Ripple Custody (Metaco acquisition)
Ripple's enterprise custody solution removes another barrier — banks can hold XRP in institutionally-compliant infrastructure.
Frequently Asked Questions
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Follow the Institutions
Banks don't adopt technology for speculation — they adopt it for efficiency. Understand why 300+ institutions have chosen Ripple and XRP.
Last updated: February 15, 2026. Written by the AllAboutXRP Editorial Team. Sources: Ripple.com, SBI Holdings, Santander, Reuters, CoinDesk, official press releases.
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