Ripple Expands Its Presence in European Payments Market

Ripple, a provider of digital infrastructure for financial institutions, announced a partnership with Swiss crypto bank AMINA Bank. The collaboration is aimed at reducing difficulties in accessing traditional banking infrastructure for the bank’s clients working with digital assets.

As part of the partnership, companies within the AMINA Bank AG group will use Ripple Payments, a cross-border payments solution that combines the use of digital payment tokens with a global payout network. The initiative is expected to enable faster and cheaper processing of international transfers and to increase the reliability of settlements using stablecoins.

Myles Harrison, Chief Product Officer at AMINA Bank, noted that traditional correspondent networks fail to adequately support cross-border stablecoin transactions, while clients are looking for solutions that work with both fiat and digital assets. According to him, the partnership with Ripple will significantly expand these capabilities for the banking group.

According to Cassie Craddock, Managing Director of Ripple UK & Europe, the partnership with AMINA Bank is designed to help local financial institutions integrate digital assets into their existing infrastructure. She also added that the initiative significantly strengthens Ripple’s strategic presence in Europe and expands the use cases for the RLUSD stablecoin in custody and trading services regulated under MiCA.

According to the press release, the Ripple Payments service covers more than 90% of daily foreign exchange market volume and processes payments totaling over $95 billion. Ripple continues to actively expand its global footprint, having obtained licenses or entered into strategic partnerships in Singapore, the United States, South Africa, Bahrain, Spain, Dubai, and many other countries.