Ripple offers rebates, incentives to attract FIs to RippleNet
Ripple is offering a reward to financial institutions that are the first in their markets to process and promote commercial payments on RippleNet. The reward will take the form of rebates through the RippleNet Accelerator Program.
Built for enterprise use, XRP — currently the third-largest digital asset by market capitalization — offers banks and payment providers an on-demand liquidity option for cross-border payments.
According to a press release, XRP can eliminate the need for multiple pre-funded nostro (local currency) accounts, expand a financial institution’s reach into new markets, lower FX costs, and improve settlement speed to just a few seconds.
Building on growing network effects, the RippleNet Accelerator Program is funded by $300 million of XRP from Ripple’s XRP holdings. The program consists of a volume rebate and an adoption marketing incentive.
The volume rebate provides license and integration-fee rebates to RippleNet members who reach integration and volume milestones by certain deadlines.
Depending on the volume processed, these rebates can cover anywhere from 50 to 300 percent of integration and first-year license fees, the release said.
The adoption marketing incentive will match eligible customers’ marketing expenditures when they promote Ripple-powered products and services to their end-customers.
The incentive is available on a limited, first-come, first-served basis to financial institutions globally, the release said.
More than 100 financial institutions around the world have joined RippleNet, SEB and Siam Commercial Bank have deployed Ripple solutions commercially, the company said.