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  • The XRP community has been debating about the role of XRP in transactions among the 5,000 partner banks of Tranglo.
  • While there is no explicit confirmation of the use of XRP by the banks, a pro-XRP lawyer has defended Ripple payments, and the utilization of XRP.

Ripple payments and XPR are poised to dominate the financial industry, beginning with partnerships with traditional banks. Ripple and XRP offer the infrastructure to offer liquidity and faster, more efficient, and cheaper transfers.

Although Ripple has made massive strides in partnerships, the number of banks using Ripple payments and XRP remains disputed. This was clear after a controversy emerged on the X platform. It all began with a quote from a 2018 Financial Times report, which stated that no banks were utilizing XRP.

Prominent pro-XRP lawyer Bill Morgan stirred up the conversation after noting that Tranglo utilizes XRP in its cross-border payment services via Ripple’s On-Demand Liquidity (ODL) platform. The Ripple-backed company has a network of nearly 5,000 banks, opening up the possibility of XRP utilization. Morgan stated, “Tranglo uses XRP in ODL for cross-border payments for its customers, and its network involves 5,000 banks.”

However, as pointed out by one user, there has been no explicit confirmation of XRP use by any of the banks. He noted  “Nowhere does it say they use XRP. You CAN use Ripple payments without XRP. It’s On-Demand Liquidity, not On-Demand XRP.” Morgan was able to defend his argument, sharing a key image that captured their involvement. “You did not prove that no banks in that network are not involved in ODL.” He further asserted.

Source: Bill Morgan | X

Despite growing controversy, it remains unclear how many banks use Ripple payments. However, numerous banks have over the years confirmed their involvement with Ripple. Some of the most notable banks include Santander (USA) Canadian Imperial Bank of Commerce (Canada) Kotak Mahindra Bank (India) Itaú Unibanco (Brazil) IndusInd (India) InstaReM (Singapore) BeeTech (Brazil) Zip Remit (Canada) LianLian (China) RAKBANK (U.A.E.) IFX (U.K.) TransferGo (U.K.) Currencies Direct (U.K.) Airwallex (Australia) SEB (Sweden)  SBI Remit (Japan) Siam Commercial Bank (Thailand) and Krungsri (Thailand).

Ripple remains confident of more partnerships, primarily in the U.S., but its efforts have been deterred by the ongoing Ripple v. SEC case. As highlighted by CNF, a key deadline is approaching. March 22 is edging closer, and it’s a critical day in the Ripple vs. SEC lawsuit as the regulator will offer its opening brief on proposed XRP remedies. It is speculated that the SEC might be contemplating the conclusion of the long-running case.

As CNF recently reported, Tranglo, the prominent partner of Ripple and a worldwide payment service provider (PSP), has advanced its expansion strategy by entering the European market. With the recent adoption of Instant SEPA and its collaboration with the European fintech company Inpay, Tranglo is set to transform cross-border payments throughout the continent. This partnership represents a major advancement for Tranglo’s worldwide reach, especially in Europe and Asia.


This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

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