BNY, Ripple and C2FO test invoice finance on XRPL
BNY will custody XRP and RLUSD, and C2FO is testing instant supplier payment on the XRP Ledger. Availability and timing are unconfirmed.
The BNY–Ripple–C2FO announcement matters because it moves a stablecoin from issuance toward working-capital settlement, not because of the custody news. C2FO wants approved-invoice payments settled in RLUSD on the XRP Ledger. Both initiatives are early-stage, with no stated launch dates. Their companies' claims about speed and cost are unmeasured.
The Ledger Desk · 3 min read- BNY has added XRP and RLUSD to its institutional custody platform, according to the companies' statement reported by The Block on 27 October 2026.
- C2FO is moving the financing and settlement behind its Instant Pay product onto the XRP Ledger, with RLUSD as the settlement asset, per Ripple's release.
- Invoice terms and due dates do not change; the claimed gain is faster settlement between approval and payment, funded by participating capital providers.
- Neither initiative has a stated availability date. C2FO describes the project as an early example with a waitlist, and its speed and cost claims are general XRPL characteristics, not measured program results.
- Compliance and treasury teams should watch how stablecoin settlement finality, custody and reconciliation are treated, because the releases do not address those risks.
BNY has added XRP and RLUSD to its institutional custody platform, and BNY, Ripple and C2FO are testing a way to pay approved invoices on the XRP Ledger, according to a statement from the companies reported by The Block on 27 October 2026. The more consequential piece is the second one. It tests whether a stablecoin can sit inside corporate working-capital flows, not only in trading and treasury. Timing and availability remain unconfirmed.
What the custody step changes
BNY already serves as primary reserve custodian for RLUSD, per The Block, and Ripple's July 2025 announcement said the same. Adding XRP and RLUSD to its custody platform extends that relationship to client assets. The Block reports that BNY clients are expected to be able to mint and redeem RLUSD through the bank. That would put a regulated custodian between corporates and the issuer, which matters for risk committees.
How the invoice-finance model is meant to work
Ripple's release says C2FO would move the financing and settlement behind its Instant Pay product onto the XRP Ledger, with RLUSD as the settlement asset. A supplier with an approved invoice would be paid in seconds instead of waiting days for bank settlement. Participating capital providers fund the payment, and invoice terms and due dates do not change, so the buyer's obligation is untouched.
Where the pricing and incumbent pressure sits
The structural point is that the gain being claimed is in settlement, not in credit. Early-payment discounts already exist; what the release targets is the lag between approval and cash arriving. If settlement is near-instant and cheap, funders can recycle capital faster, which is the lever on pricing. Banks that earn float or transfer fees on that interval are the exposed incumbents, though no pricing has been disclosed.
What the companies have not shown
Ripple's release describes the work as an early example and asks businesses to join a waitlist. The 3–5 second settlement and sub-cent cost figures are general XRP Ledger characteristics stated by the companies, not measured results for this program. The materials do not address stablecoin settlement risk, the identity of the capital providers, or when custody and trade-finance services will launch.
What to watch next
Compliance and treasury teams should look for three things: the legal finality of an RLUSD payment against an approved invoice, how receivables and funding are reconciled in the buyer's and supplier's ledgers, and how capital providers are named and supervised. Ripple's reported figures of more than $2.5 billion in RLUSD market capitalization are company-stated, so independent reserve attestations remain the benchmark.
- What did BNY, Ripple and C2FO announce?
- BNY added XRP and RLUSD to its institutional custody platform. BNY, Ripple and C2FO are also testing tokenized trade finance in which suppliers could receive funds within seconds against approved invoices, using the XRP Ledger. The companies have not said when either will be available.
- Does the arrangement change what suppliers or buyers owe?
- No, according to Ripple's release. Invoice terms and due dates stay unchanged, and participating capital providers fund the instant payments. Existing C2FO Early Pay programs continue as before.
- Are the speed and cost claims proven?
- Not for this program. The 3–5 second settlement and sub-cent cost are described as general XRP Ledger characteristics in the companies' own materials. They are not measured results from the invoice-finance test.