Which financial institutions are using XRP?

XRP, a cryptocurrency developed by Ripple Labs, is being used by many financial institutions and banks globally in cross-border payment solutions. To date, more than 300 financial institutions have adopted RippleNet, including major banks such as Santander (USA), Royal Bank of Canada, and many banks in India such as Kotak Mahindra and IndusInd.

One of Ripple's main products is xRapid, an on-demand liquidity solution that uses XRP as an intermediary currency for transactions. Many financial institutions have adopted xRapid to optimize the payment process, reducing costs and transaction times. For example, Western Union and MoneyGram are two of the units that use this service from Ripple.

Additionally, the use of XRP in transactions by organizations like American Express also shows the popularity and practical application of XRP in the financial industry.