The Swiss bank AMINA Bank AG announced the adoption of Ripple Payments, the payment solution developed by the American company Ripple Labs. This, to facilitate international transfers and payments with cryptocurrencies in almost real time to its clients.
With this integration, AMINA becomes the first European bank to use this licensed infrastructure of the issuing company of XRP, the fifth largest cryptocurrency on the market.
According to Ripple, the initiative seeks reduce the friction that usually arises between operations based on decentralized networks and traditional banking channels.
The adoption of Ripple Payments will allow the bank’s clients to move funds “seamlessly” and without depending exclusively on conventional financial infrastructure. This would translate into faster transactions, with lower costs and greater transparency.
Myles Harrison, chief product officer at AMINA Bank, noted that companies native to the cryptocurrency industry face difficulties when operating with traditional banking systems. Especially when it comes to cross-border payments with stablecoins.
In that sense, he highlighted that collaboration with Ripple expands the bank’s operational capacity to serve both fiduciary and digital channels, simultaneously.
The alliance expands a previous relationship between both companies. Earlier this year, AMINA became the first bank globally to offer custody and trading services for the Ripple USD (RLUSD) stablecoin.
According to company data, Ripple Payments has coverage in more than 90% of daily currency markets. Besides, has processed more than $95 billion in volume. The solution is available in jurisdictions such as Switzerland, the United States and Singapore.
This movement occurs in a context of greater integration between the traditional financial system and digital assets. This week, the United States Office of the Comptroller of the Currency (OCC) approved applications to establish national trust banks linked to companies in the sector, including Ripple. This, allowing them to offer custody services, as reported by CriptoNoticias.