Peruvian Bank to Adopt XRP for International Transactions

Peruvian Bank to Adopt XRP for International Transactions

Speaking at the Ripple Swell conference in Singapore, blockchain specialist Joisie Mantilla announced major Peruvian bank – Banco Internacional del Peru – will migrate their international transactions to Ripple’s payment service called On-Demand Liquidity (ODL) which uses the XRP digital currency.

Banco Internacional del Peru have been trialling Ripple’s payment messaging system, xCurrent, for over a year and decided to “move forward” and use XRP as the transactional currency for international payments.

Bridge Between Fiat Currencies

Founded in 1897 and based in Lima,Β Banco Internacional del Peru are perhaps better known informally as Interbank since a change of ownership in 1994 which involved a group of investors, including former US treasury secretary Nicholas Brady, taking a 91% stake in the bank. They are currently ranked in the top 5 banks in Peru when listed in terms of assets, with around $41 billion to their name.

The bank is part of the GlobalNet banking network and offers a range of regular banking services as well as providing specialised business, agricultural, oil and gas development loans.

Ripple’s ODL product, previously called xRapid, uses XRP as a bridge between fiat currencies and was launched in 2018. It is thought less than 10% of Ripple’s client base of more than 300 have currently opted to use ODL.