Financial technology (FinTech) startup Ripple says it has acquired another 13 customers for its RippleNet global payment network, including letter of credit (L/C) specialist Euro Exim Bank.

California based Ripple says it now has more than 200 financial institutions as customers for its system for sourcing liquidity on-demand without using the correspondent banking system.

L/C offerings

Euro Exim Bank has several specialist and standard L/C offerings, including instant L/Cs and standby L/Cs.

Other trade finance instruments provided by the bank include corporate bank accounts, international wire transfers, bank guarantees, pre-paid master cards and trade credit lines.

Liquidity on-demand

Ripple says that Euro Exim Bank will use RippleNet to source liquidity on-demand when sending payments on behalf of their customers.

The FinTech startup claims using the system for liquidity when sending a cross-border payment helps financial institutions avoid the hassle of pre-funding accounts in destination currencies and allows them to make faster, lower cost payments than they can through the traditional correspondent banking system.

With a head Office in St Lucia and a representative office in London, Euro Exim Bank claims to have the quickest processing in issuance and relay of L/Cs, standby L/Cs and bank guarantees.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.