Royal Bank of Canada Reveals Blockchain Remittance Trial With Ripple
Royal Bank of Canada (RBC) has revealed it is working on a new proof of concept (PoC) for distributed ledger-based remittances using technology offered by industry startup Ripple. The announcement comes via a new Deloitte Tech Trends publication in which the professional services firm discussed how it worked with RBC as it sought to better understand distributed ledger technology and how it could be applied to remittances. RBC and Ripple, Deloitte said, are now working on a "limited production" PoC with the goal of evaluating how the distributed ledger trial could impact other....
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Spanish banking group Santander has made its first investment into the blockchain, a payment settlement technology that supports Bitcoin. Santander InnoVentures, the bank's $100-million investment vehicle made to support potential FinTech technologies, has invested $4 million into Silicon Valley-based Ripple Labs. The latter is a renowned remittance company which harnesses blockchain technology to simplify money exchange across borders. It has also formed partnerships with some of the world's leading banks - including Commonwealth Bank of Australia and Royal Bank of Scotland - to explore....
With the launch of the “Global Payments Steering Group”, blockchain startup Ripple has revealed details of a new interbank group that will create the first “rules-based blockchain payments network” for global money transfers. In an announcement today, blockchain and Fintech startup Ripple has revealed that banks are getting closer toward uniform policies and governance for the transfer of money over blockchain. The Global Payments Steering Group (GPSG) sees six founding members and will be the first interbank group for global payments based on blockchain technology. Its founding numbers....
Ripple witnessed a sudden increase in demand earlier today, leading to over $14 million increase in its market capitalization within hours. In quite an unusual event, the Ripple’s platform native cryptocurrency witnessed a 197% surge in its market capitalisation and price. As per the data available on multiple trading platforms, Ripple coin marked a lightning bull rally, and surged from $0.007626 to $0.008017 within only one hour. The cryptocurrency’s market cap, in parallel to the price, increased from $32.5 million to more than $5.28 million. The event, which appears to be heavily....
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....
Twelve member banks of the R3-led banking blockchain consortium and the New York-based startup have trialed Ripple’s native digital currency token XRP, using the Fintech startup’s blockchain technology. The trials were conducted at R3’s lab in an effort to demonstrate cost-cutting and increased efficiency of cross-border payments using Ripple’s ‘digital asset’. The twelve R3 member banks involved in the trial include Barclays, BMO Financial Group, CIBC, Intesa Sanpaolo, Macquarie Group, National Australia Bank (NAB), Natixis, Nordea, Royal Bank of Canada (RBC), Santander, Scotiabank, and....