RBS Trials Ripple as Part of £3.5 Billion Tech Revamp

RBS Trials Ripple as Part of £3.5 Billion Tech Revamp

The Royal Bank of Scotland (RBS) is undertaking a proof-of-concept with Ripple technology as part of its £3.5bn technological revamp. Chief administrative officer Simon McNamara announced the initiative during a webinar on the bank's three-year transformation plan last Thursday, just one day after a glitch which caused 600,000 payments to go missing. The banking group, which has been plagued by a series of IT failures across its four brands, RBS, Natwest, Ulster Bank and Coutts, is now looking to boost its image as an 'innovation leader'. Ripple is one of 24 other initiatives listed at the....


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Royal Bank of Scotland Taps Ripple Labs in Tech Revamp

The Royal Bank of Scotland (RBS) is working in tandem with Ripple Labs in its 3.5 billion GBP technological revamp. In particular, the London bank is looking into the proof-of-concept technology offered by Ripple in order to prevent IT failures from losing transaction records. This was announced by the bank's administrative officer Simon McNamara during a webinar, following a technological glitch that caused 600,000 payments to disappear. RBS said the affected payments to and from customers' accounts would be made by Saturday at the latest, as account holders bombarded the bank with....

Global Banks Test Ripple's Digital Currency in New Blockchain Trial

It's no secret that cryptocurrencies have undergone a dramatic rebrand. No longer perceived as a threat to banks and governments, cryptocurrencies are now being hailed as "digital assets". As more and more financial intuitions become comfortable with the blockchain technology on which they are based, they are openly discussing a future when the financial tools are just another part of the industry. Now, a dozen banks have announced the completion of an initiative during which they tested a potential application of a digital asset. Revealed today, 12 member banks of blockchain....

Ripple has sold $15M of its stock in MoneyGram

Ripple's partnership with MoneyGram may not be as warm as it once was, but it's paying off. Ripple Labs has sold a huge chunk of its 2019 investment in MoneyGram. Per a Friday night filing with the Securities and Exchange Commission on Friday night, from Nov. 27 through Dec. 4, Ripple Labs managed to sell 2,264,113 shares of MoneyGram (MGI). The tech firm netted a total of $15,303,792.60 from the sales.MoneyGram's stock value has soared in recent months, from $2.94 on Oct. 1 to $8.53 on Nov. 23. In no small part thanks to news of Ripple's sell-off, MGI has slipped back down to $6.54 as of....

Mizuho Partners with Ripple for Cross-Currency Settlements

Mizuho Financial to start trials of its new blockchain based Ripple application for cross-currency settlements. Financial service company Mizuho Financial Group (NYSE:MFG) has confirmed partnering with Ripple Labs to try out the latter’s blockchain-based solution for cross-currency settlements. The Japan-based finance giant, which is also a part of the R3 led international banking consortium, plans to utilize Ripple Protocol’s proprietary blockchain protocol – known as Ripple – to implement speedy and cheap cross-border settlements. SBI Holdings (TYO:8473), another Japanese financial....

Ripple Scores $15 Billion Valuation — CEO Says Financial Position Is Stronges...

Ripple has bought back shares from its Series C funding round, which raised the company’s valuation to $15 billion, according to CEO Brad Garlinghouse. He added that despite the lawsuit by the U.S. Securities and Exchange Commission (SEC) over the status of XRP cryptocurrency, Ripple had the best year on record. Ripple’s $15 Billion Valuation and ‘Best Year on Record’ Ripple CEO Brad Garlinghouse announced via Twitter Wednesday that Ripple has bought back its Series C shares at a $15 billion valuation. The CEO described that....