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State-owned Banco Hipotecario of El Salvador revealed as new Ripple customer

  • The annual report of El Salvador’s Banco Hipotecario reveals that the state-owned bank started using the RippleNet for real-time cross-border payments.
  • Thinking Crypto may shed light on the question of how many partners Ripple actually has at the moment. 

Ripple Labs has gained a new partner for its payments network, as discovered by XRP community member @WKahneman. El Salvador’s Banco Hipotecario lists a new system for international payments that uses Ripple’s network in its 2020 annual report released this month.

Kahneman suspects the connection is through Nium. Last October, Nium, a strong Ripple partner, announced a strategic collaboration with Banco Hipotecario, a state-owned bank (40%) in El Salvador, to improve international remittance services for consumers and businesses across the country.

The announcement said at the time that the partnership will open the door to new international payment corridors beyond Latin America, delivering convenient, secure and real-time global payment options to Banco Hipotecario’s corporate and consumer customers. In addition to South America, Europe, the United Kingdom and the United States were named as target markets.

“We are very excited to work along with Nium’s real-time fund transfer technology and their extensive portfolio of regulatory licenses to push payments across borders. We hope to provide a better customer experience and improve our portfolio of products that will meet the needs of our customers through our constant focus on innovation and improvement,” said José Raúl Cienfuegos, Director of Operations and Finance at Banco Hipotecario in October 2020.

The annual report is now to be the confirmation that the RippleNet is the basis for Nium’s cooperation with Banco Hipotecario. The Salvadoran bank writes in the report:

A new system was created to make international transfers through the Ripple payment network, which is widely used by financial institutions around the world. Additionally, new transfer processes were created and communicated to interested users.

How many partners does Ripple have?

Meanwhile, another renowned XRP community member, Leonidas Hadjiloizou, has again raised the question of how many partners Ripple has and whether the company may have lost customers as a result of the SEC lawsuit. As CNF reported, Hadjiloizou asked Ripple’s GM, Asheesh Birla, in a Twitter comment back in early March to comment on why Ripple changed its website presentation “from 300+ to hundreds” of customers. Birla did not respond.

However, the XRP community may get another chance for clarification. “Thinking Crypto” will interview Ripple CEO Brad Garlinghouse next month. The YouTube channel and podcast host asked for input from the community for the interview and liked Hadjiloizou question.

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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