Ripple, the third-largest cryptocurrency, which was started in the year 2012, has now officially announced its 250 partners at Faysal Bank press conference. The Regional Vice President, Stephen Overton, has made the announcement, “We have partners all over the world, around 250 at the moment, and we are welcoming one or two new partners every week. We have been looking to work with an anchor bank in Pakistan as the country is a huge destination remittance payments.”
Mr. Stephen Overton, The Regional Vice President (EMEA) of Ripple takes us through how widely expanded the Ripple services are throughout the world. #FaysalBank #FBL #Ripple #DigitalTransformation #DigitalPayments #Crossborder #Remittances #DigitalServices #BankingServices pic.twitter.com/FiPT7KLT16
— Faysal Bank Limited (@faysalbankltd) September 26, 2019
Faysal Bank is one of the biggest private sector banks in Pakistan. Yousuf Hussain, the CEO of the Faysal Bank, believes, “Faysal Bank introduces a digitally enabled solution for its customers through partnering with Ripple. With this partnership, fast, secure, and convenient cross border payments can be made.”
Ripple has continuously worked on making new partnerships with banks and banking systems to offer low cost, faster payment systems. Recently it did establish an alliance with the National Bank of Kuwait and now the Faysal Bank. It is trying to build a connection throughout the MENA (acronym to refer the Middle East countries) countries and making them join the Ripple revolution. A few days back, Ripple did acquire the Logos network to develop decentralized financial applications.
Ripple has been receiving positive remarks from its partners, as well. Ripple’s partner American Express recently expressed positive and exciting comments versus SWIFT by saying, “Ripple’s cross-border payments product offers an alternative to SWIFT for moving payments between banks & payment providers in different countries. SWIFT cross-border payments via the correspondent banking system are regarded as slow, often taking days to complete. It is also hard to track progress & determine whether the money has been received; payments often require manual intervention by banks.”