MUFG Bank to develop ripple-based payment solution between Japan and Brazil

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Ripple is one of the most controversially discussed projects in the cryptouniverse that aims to link the traditional financial market with new innovations such as blockchain technology. Many financial heavyweights are already testing software solutions from Ripple. The MUFG Bank from Japan wants to optimize and raise payments between Japan and Brazil to a new level with the support of Ripple.

The MUFG Bank, Japan’s largest lender, in cooperation with the Brazilian branch Banco MUFG Brasil SA and the second largest private bank in Brazil, Banco Bradesco, wants to establish a payment corridor between the two countries. All cross-border payments are to be processed quickly and cheaply with the support of Ripple’s Blockchain technology.

The payment systems developed by Ripple have already been extensively tested and put into practice by many large banks, including Bank of America, Spain’s Santander and France’s Credit Agricole. The most recent agreement between the two lenders was signed in September last year and has now been extended indefinitely.

MUFG was one of the first customers to become a member of RippleNet, a decentralised network of banks and payment service providers that use Ripple’s payment solutions to ensure fast, transparent and traceable transactions across national borders.

XRP- / diet exchange is in the starting blocks

The independent XRP developer Wietse Wind has released the beta version of XRParrot. The platform functions very simply and unspectacularly: Here simply an XRP receipt address must be entered where the money is to be transferred. Afterwards a Euro amount can be transferred to an IBAN bank account (provided by XRParrot) and the money amount will be converted to XRP and transferred to the destination address.

Beta users report that the entire process is completed within a few hours and that the fees are less than one euro.

Just beta tested @WietseWind’s @XRParrot.so easy. you put your wallet address in, wire the money to the given account and confirm it with a code that you get on the phone. After https://t.co/jdRJNOPqBl processed, a confirm.text like this follows. Fee: 1eur. So awesome! pic.twitter.com/Hepgt4k3od

– Gregor KN ⚡ (@Gregor_XRP) November 7, 2018

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