Fidor Bank AG: The First Bank to Use the Ripple Protocol

Fidor Bank

Ripple Labs today announced that Munich-based Fidor Bank AG will be the first bank to integrate the Ripple protocol.

“Ripple is changing the rules of the game for financial institutions, enabling real-time settlement in any currency to strengthen customer relationships and positively impact the bottom line,” said Chris Larsen, CEO of Ripple Labs. “As an innovator and leader in the banking industry, Fidor is using Ripple to define a new standard for what a bank can be and how it can serve its customers.”

Fidor plans to leverage the Ripple network to provide customers with faster and more affordable money transfer services while deploying the protocol’s real-time settlement functionality to power efficient inter-bank payments between branches and with other financial institutions.

“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,” said Matthias Kröner, CEO of Fidor Bank AG. “With Ripple, we can deliver a superior banking experience at a fraction of the time and cost traditionally expected of a financial institution.”

Fidor Bank AG: Banking with friends

The German bank, which partnered with cryptocurrency exchange Kraken last October, was named the “Most Innovative Bank 2013” in Germany by International Finance Magazine.

Fidor will officially launch Ripple integration later this year.