AMINA Becomes First European Bank to Adopt Ripple Payments

Financial technology company Ripple announced recently that it has entered a new partnership with AMINA Bank AG. The partnership, announced on Friday, will support near real-time cross-border payments for AMINA Bank’s clients through Ripple Payments.

AMINA Bank is a Swiss Financial Market Supervisory Authority (FINMA) regulated crypto bank that has global reach. Thanks to the partnership, it has become the first European bank to use Ripple’s licensed payment solution.

According to Ripple’s announcement, the company’s payment infrastructure will allow the bank to continue to solve the challenge of integrating blockchain operations with traditional bank rails. The bank’s clients will have the ability to reduce the friction that usually arises between blockchain and traditional banking rails, and move funds more seamlessly, while the transactions will be settled more efficiently, and without relying on traditional payment infrastructure.

Commenting on the move, AMINA Bank’s Chief Product Officer, Myles Harrison, said that native Web3 businesses often run into friction when working with legacy banking systems. He added that this is especially the case for cross-border stablecoin transactions which traditional banks are yet to widely adopt.

“Our clients need payment infrastructure that can handle both fiat and stablecoin rails simultaneously, but traditional correspondent banking networks weren’t designed to support this. With Ripple’s support, we are now able to significantly increase our capability, reducing cross-border friction and helping our crypto-native clients maintain their competitive edge,” Harrison added.

Ripple Enters The European Market Through Its Firs Bank

AMINA Bank’s decision to adopt Ripple Payments is a major move for Ripple, as the bank became the first European financial institution to adopt this technology. More than that, it highlights the bank’s own commitment to using cutting-edge technology to keep its competitive edge against competitors, and expand its core banking service by better serving its clients, whether crypto firms or traditional financial institutions that have decided to embrace digital assets.

Ripple’s Managing Director for the UK and Europe, Cassie Craddock, also commented on the partnership, saying that Ripple’s team-up with AMINA enables them to serve as the on-ramp for digital asset innovators into traditional financial infrastructure.

“Through our licensed payments technology we are providing a crucial bridge between fiat and blockchain rails to AMINA Bank’s clients, giving them access to seamless payments using Ripple USD (RLUSD) and other stablecoins, as well as the ability to make rapid payouts in multiple currencies,” Craddock explained, adding that AMINA Bank embodies the forward-thinking approach needed to advance wider adoption of digital asset technology.

Craddock also noted that Ripple’s team is proud to support the bank in serving their clients with the most secure, resilient, and compliant digital asset technology on the market.