Commonwealth Bank of Australia to Integrate Ripple for Instant Settlements
"Big four" Australian bank, the Commonwealth Bank of Australia (CBA), has announced its plans to integrate Ripple and use the distributed network to transfer funds between its subsidiaries. Speaking during a presentation at a forum organized by the Australian Information Industry Association, David Whiteing, CIO at CBA, said that the bank has been "testing crypto protocols" and is about to "begin a wider experiment with one of our offshore subsidiaries." The purpose, Whiteing continued, is to "explore the benefits of intra-bank transfers using these protocols." "The idea is to test in a....
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The Commonwealth Bank of Australia is on the verge of becoming one of the first banking institutions in the world to use the Ripple network. The plas to adopt Ripple network for payment settlements between its subsidiaries was announced by David Whiteing, the Chief Information Officer of Commonwealth Bank of Australia. He was speaking at an even hosted by AIIA (Australian Information Industry Association). With this announcement, the Sydney based bank has surpassed its rivals in London, Hong Kong and New York to become the first one to make use of a digital currency network. Some of the....
The Commonwealth Bank of Australia (CBA) announced this week it will use Ripple technology to facilitate payments between its subsidiaries, describing distributed protocols as "the way of the future". Last May, Germany's Fidor became the first bank to integrate Ripple's protocol into its payments infrastructure, with two US banks, CBW Bank and Cross River Bank, following suit four months later. Tech news site CIO quoted the CBA's own Chief Information Officer David Whiteing as saying the bank had "done a whole bunch of experiments" with bitcoin and other cryptocurrency technologies.....
The Commonwealth Bank of Australia (CBA) plans to begin using the Ripple network to settle payments between its subsidiaries soon. Commonwealth Bank chief information officer David Whiteing revealed the large bank's interest in Ripple technology yesterday during a speech at an event hosted by the Australian Information Industry Association (AIIA). Technology news outlet CIO reported Whiteing said, "Bitcoin is a protocol which is now being replicated by non-asset based vendors like Ripple and others. We absolutely see that's where it's going to go. The bank has a role to play in that." "As....
The Commonwealth Bank of Australia will host a two-day blockchain conference in Sydney next month in an attempt to explore the technology's potential. According to a Computerworld report, the bank - which recently partnered with distributed ledger startup R3CEV and has experimented with Ripple's technology - has teamed up with Coala, a research organisation which had already organised an international series of blockchain events. David Whiteing, CIO at Commonwealth Bank, said: "Blockchain has the potential to transform banking in the way that the Internet transformed how we buy music and....
In an effort to stay abreast with current financial developments, the Commonwealth Bank of Australia (CBA) announced their decision to work with Ripple Labs to use digital currency internally. This will allow the institution to gain a deeper understanding on the workings of cryptocurrency. The CBA has been known to be open-minded about technological developments so this move wasn't at all surprising. According to their chief information officer David Whiteing, their stronghold on the technology sector could weaken if they do not make an attempt to work with the digital currency industry.....