Why Top International Banks Partnered to Use Ripple Network
An international banking alliance is using the Ripple blockchain network technology for cross-border payments efficiency. Banks from Canada and Israel signed an agreement with National Australia Bank (NAB), Australia’s largest business bank, to improve the security and efficiency of their payment systems, share innovation strategies, and more. Top Banks Use Ripple For Cross-Border Payments Currently, […]
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Ripple Labs made huge waves today, signing the first two U. S. banks to an agreement to use their open-source payment protocol. Two U. S. banks, Cross River Bank in New Jersey and Kansas-based CBW Bank, proclaim their utilization of the Ripple currency protocol. This makes way for an instant transfer system with international transfers at no charge on Ripple's network. "It's a big milestone," said Ripple Labs Chief, Chris Larsen. "We've been working on our enterprise banking strategy for well over a year. It takes quite a while for banks to get going." Ripple's Transaction Protocol (RTXP)....
Ripple has formed a six-bank Global Payments Steering Group (GPSG), calling it “the first interbank group for global payments based on distributed financial technology.” A New SWIFT Challenger. Although the announcement does not mention it explicitly, the new network is a potential challenger to SWIFT. First activated in the 1970s, SWIFT is the global....
Following the Commonwealth Bank of Australia's (CBA) move to partner with Ripple Labs in using blockchain technology for its offshore transactions, other banks in Australia joined the bandwagon. Westpac and Australia New Zealand Banking Group (ANZ) are also working to test payment technology offered by Ripple Labs. According to Westpac, it is in the early stages of a proof of concept using the Ripple network in which staff are making low-value international payments to two other countries. ANZ is still in the middle of constructive conversations with Ripple and is in the process of....
The Ripple Consensus Protocol has introduced multi-sign option to prevent unauthorised fund international fund transfer between banks by hackers. Ripple, the blockchain based fintech services platform, has announced new developments that can protect banks from hacking incidents. The development comes amidst growing thefts against multiple banks across the world. Ripple’s solution for secure transactions involves the introduction of multi-sign feature to the Ripple Consensus Ledger. The thefts were conducted by hackers who gained unauthorized access to the banks computers and used these....
Thursday, Blockchain company Ripple announced that it had raised $55 mln in funding. Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank and Santander Innoventures are just a few of the investors who participated in the Series B funding. Additionally, Ripple has secured partnerships with major banks, including Standard Chartered, BMO Financial Group, and Shanghai Huarui Bank. In the near future Ripple plans to partner with even more banks, which are planned to use the service it provides to improve cross-border payments. Overall, Ripple has received over $93....