Ripple provides infrastructure and transaction protocols that enable banks to provide financial settlements at lower costs via a distributed network. This is done by enabling banks to transact directly, instantly, and with the certainty of settlement. The Ripple settlement infrastructure or the Ripple protocol enables two critical functions – a common ledger to connect banks & payment networks and a real-time funds-exchange to settle transactions. Recently, Ripple was selected for the 2019 Forbes FinTech 50 startups list.
PRODUCTS & SERVICES:
Ripple offers plug-and-play products for banks and financial institutions to meet their needs for real-time cross-currency settlement and FX market making. It also provides direct support (consultative, professional services, technical development) to its partner banks and market makers.
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Banking CLIENTS: Standard Chartered, UniCredit, Bank of America Merrill Lynch, RBC, Westpac, Santander, CIBC, UBS, Mizuho, NAB, ATB Financial, BMO, SHRB, SCB, NBAD, Cross River Bank, CBW Bank, Fidor Bank, and Reise Bank.
Integration partners: Accenture, CGI, Expertus, intellect, and Volante.
PRIMARY PROBLEM SOLVED:
Ripple solutions lower the total cost of settlement by enabling banks to transact directly, instantly, and with the certainty of settlement.
Banks exchange payment and fee information on Ripple before payments execute, minimizing the risk of failure. Funds are settled between Ripple-connected banks in seconds with end-to-end visibility into every transaction.
Chris Larsen, Susan Athey, Feng Li, Mariano Belinky, Doug Chertok, Young Guo, David Schwartz, Gene Sperling, Michael S. Barr, Donald Donahue, Karen Gifford, Karl-Theodor zu Guttenberg, Greg Kidd, Anja Manuel, , Matthew Mellon.
Brad Garlinghouse (CEO), Asheesh Birla (VP – Product), Nilesh Dusane (VP – Global Sales & Client Relations), Patrick Griffin (EVP – BD), Chris Kanaan (VP – Engineering), Cameron Kinloch (VP – Finance), Monica Long (VP of Marketing), Stefan Thomas (CTO)
VALUATION / MARKET CAP:
$5 Billions in 2016
After the latest round, the company's valuation is at $5 billion. (Sep 2016)
ACTIVE USERS COMMENT:
Currently, Ripple's network is being used by 200 customers including the top 15 global banks. (Feb. 2019)