As of now, 13 financial institutions are using Ripple and its blockchain through the Ripple network, RippleNet. There are around 200 banks in the Ripple ecosystem.
Many institutions feel that Ripple is convenient because payment processing is instant, cost friendly, and transparent.
The CEO of Ripple, Brad Garlinghouse, shared with us that recently 100 financial institutions started using the Ripple network last year. They are noticing a 350% boost in live payments. Garlinghouse also shared that upto 3 institutions are joining RippleNet every week. This is because the network offers cross-border and international payments. So far the global payment market is being prevailed by SWIFT, but Ripple is penetrating that 2 trillion dollar market.
In the near future, it would not make sense for larger banks to implement RippleNet, as they hugely rely on the SWIFT network. Ripple is targeting smaller financial institutions, so it has to sustain this market to bleed into larger markets.