German bank Fidor selects Ripple’s payment protocol

Fidor Bank will be first bank in the world to integrate the protocol provided by US payment network provider Ripple for sending real-time money transfers.

Fidor Bank will be first bank in the world to integrate the protocol provided by US payment network provider Ripple for sending real-time money transfers.

The German direct bank is adopting Ripple’s protocol to enable nearly free instant peer-to-peer payments in any currency, including dollars, yen, euros, Bitcoin, loyalty points, as well as Ripple’s own virtual currency, Ripple.

"Ripple enables us to securely and instantly send money anywhere in the world at no additional cost and through the same customer facing products and relationships we offer today," says Matthias Kröner, CEO of Fidor Bank. "With Ripple, we can deliver a superior banking experience at a fraction of the time and cost traditionally expected of a financial institution."
Fidor will use Ripple to power inter-bank payments with other institutions and intra-bank payments between branches at lower costs and settlement and foreign exchange risk.

Fidor has already supported virtual currencies working in partnership with with Payward and Bitcoin Deutschland.