- The Swiss AMINA Bank is introducing Ripple Payments, enabling fast, cost-effective transactions with crypto and fiat currencies.
- The Ripple system combines classic banking transactions with digital assets and efficiently expands access to stablecoins and payment transactions.
Ripple Payments has gained its first European bank customer, AMINA Bank AG, which supports cross-border payments in near real time. AMINA Bank, regulated by the Swiss Financial Market Supervisory Authority (FINMA), is the first European bank to implement Ripple’s licensed end-to-end payment solution for both crypto native and traditional customers worldwide.
By connecting to the Ripple Payments system, AMINA Bank can increase the efficiency of blockchain transactions and make it easier for customers to make payments at lower costs. It also supports fiat channels and stablecoins, providing a reliable method for cross-border payments that is faster than the correspondent banking system.
Myles Harrison, CPO of AMINA Bank, explains the problems caused by legacy systems:
“Native Web3 companies often face difficulties when working with legacy banking systems. Our customers need a payment infrastructure that can process both fiat money and stablecoins simultaneously, but the traditional correspondent banking system is not designed for this.”
AMINA Bank expands global payments with Ripple
Ripple Payments helps AMINA Bank improve its money transfer services. Customers benefit from smooth transactions and fast payouts in many currencies. The launch of this service demonstrates the bank’s commitment to expanding its financial services through the use of secure and reliable blockchain platforms that meet professional standards worldwide.
Cassie Craddock, UK & Europe Managing Director bei Ripple, emphasized the importance of partnership:
“Our partnership with AMINA Bank enables it to serve as an on-ramp for digital asset innovators into the traditional financial infrastructure. Through our licensed payment technology, we offer AMINA Bank customers an important bridge between fiat and blockchain systems.”
Earlier this year, AMINA Bank became the first bank in the world to support RLUSD, offering its customers a way to trade the stablecoin.
Ripple Payments supports over 90% of daily foreign exchange markets and processes more than $95 billion in volume worldwide. The licensed product is available in Australia, Brazil, Dubai, Mexico, Singapore, Switzerland and the USA.
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