Through this partnership, Euro Exim Bank will use the XRP to source liquidity on-demand when sending payments on behalf of its customers. The bank operates in trade finance, corporate banking, and wire transfers, and by using XRP for liquidity when sending a cross-border payment, it will help financial institutions avoid the hassle of pre-funding accounts in destination currencies.
Euro Exim Bank was one of the 13 financial institutions that have signed up for RippleNet, the others being SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND, and Rendimento. This means that there are now more than 200 customers signed up for RippleNet. In 2018, nearly 100 financial institutions joined RippleNet, and it also saw a 350% increase in customers sending live payments.
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