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The San Francisco-based financial technology startup has announced partnerships with seven new banks to provide its blockchain platform for overseas payments.
Ripple announced the expansion of its global network with the addition of seven more banks: UBS, Santander , UniCredit, ATB Financial, Reisebank, CIBC, and the National Bank of Abu Dhabi. The move is a major blockchain breakthrough in the financial industry, according to banks.
After launching in late 2015, Ripple teamed up with financial institutions around the globe to change and improve international payments. In February, the company revealed it was testing the proof of concept for blockchain-based remittances together with the Royal Bank of Canada. This year, the startup partnered with Santander, which became the first UK bank to use Ripple’s technology for cross-border transactions.
Ripple’s world network now comprises 12 of the globe’s leading banks, with 10 banks being in commercial deal phases and over 30 bank pilots being completed. Moreover, there are about 80 banks that are testing the system and may join the Ripple network in the near future.
The Ripple’s distributed ledger technology allows financial institutions to optimize high volume of transfers and significantly speed up the time of settlement. The integration of the technology by the globe’s top banks is no doubt a blockchain breakthrough in cross-border payments processing, allowing financial companies to transfer funds in just a few seconds.
“We’ve reached a tipping point where financial institutions are moving beyond blockchain experimentation and projects to real world applications that are driving significant bank-to-bank volume,” said Ripple CEO, Chris Larsen.
“This is a major step forward for the global financial system, and as the Ripple network grows, together we are paving the way for new connected commerce opportunities and growing demands for real-time, high volume, low value global payments.”
During the last week’s Payments Panorama conference in Canada, Ripple showed the audience a live transfer of funds via its blockchain technology. The transaction, which was implemented between German ReiseBank and Canadian ATB Financial, took just a couple of seconds to complete.
“Using blockchain technology, ATB Financial became the first financial institution in Canada to complete an overseas payment in a matter of seconds. Without blockchain, that transaction would have taken two to six business days. Blockchain is transforming the way we store and move value,” said ATB’s Chief Strategy & Operations Officer, Curtis Stange. “This could revolutionize banking for our customers,” he added.
“NBAD is continuously exploring opportunities to provide exceptional customer experience. Blockchain and distributed ledgers will enable our clients to seamlessly send payments across our network in the most efficient and cost effective way. Ripple will enable our clients to access wider network more efficiently and with full visibility and transparency,” said Ramana Kumar, Managing Director & Head of GTB Business and Product Management at NBAD.
A few days ago, Ripple’s affiliate, XRP II, LLC, was approved by the New York State Department of Financial Services (NYDFS), thus becoming the second company to obtain BitLicense.