Ripple Payments partnered with Swiss crypto bank Amina to plug its fiat-to-stablecoin payment infrastructure into the FINMA-regulated institution.
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The payments subsidiary of blockchain services company Ripple has partnered with Swiss bank Amina to provide it with access to its payment infrastructure.
According to a Friday Ripple Payments , the company will allow Amina to “settle transactions more efficiently without relying on traditional payment infrastructure, making transactions faster, lower cost, and with increased reliability and transparency.” This builds on a previous relationship between the companies, with the bank’s of the Ripple USD () happening back in July.
The move also reinforces Ripple’s presence in Europe, with Amina being a financial institution. The bank’s Austrian subsidiary also holds a license under the by Austria’s Financial Market Authority in October.
Amina chief product officer Myles Harrison said “native web3 businesses often run into friction when working with legacy banking systems,” adding that stablecoins can help solve those issues. “This is particularly the case for cross-border stablecoin transactions which traditional banks are yet to widely adopt.”
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Harrison explained that the bank’s clients “need payment infrastructure that can handle both fiat and stablecoin rails simultaneously,” which traditional banking networks cannot provide for. Ripple Payments, on the other hand, allowed Amina to offer such services, which led to “reducing cross-border friction and helping our crypto-native clients maintain their competitive edge.”
Ripple’s managing director for the United Kingdom and Europe Cassie Craddock said that the collaboration lets Amina “serve as the on-ramp for digital asset innovators into traditional financial infrastructure.” He added that Ripple Payments provides a “bridge between fiat and blockchain” that enables seamless stablecoin payments.
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This is just the latest partnership in which Ripple injected blockchain capabilities into an institution engaged in traditional finance. According to mid-November reports, to combine prime trading, treasury tools, payments, and custody to take on traditional finance.
Ripple’s ambitions are also global. Earlier this month, Ripple Labs to expand its payment activities. This , end-to-end payments and growth across Asia-Pacific.
At the end of November, RLUSD was also after winning recognition as an Accepted Fiat-Referenced Token by the local watchdog.
