Ripple partners with one of Asia’s largest banks
The Ripple network now has more than 150 active members using xCurrent, xRapid or xVia software solutions to revolutionize cross-border payments. RippleNet’s newest partner is one of the largest banks in Asia.
The CIMB Group is the fifth largest bank in ASEAN (Association of Southeast Asian Nations) and will join RippleNet to use the payment technology to offer customers cheap, fast and instant cross-border transactions.
CIMB’s innovative Speedsend solution, now coupled with @Ripple’s #blockchain technology, is providing customers with improved access to cross-border remittances across the globe. https://t.co/c5n2VSSs5L
– Ripple (@Ripple) November 15, 2018
Laut Ripple, CIMB is one of the first banks to use blockchain technology in a region that is particularly known for its high cost and slow money transfer rates. Ripple’s Service is used as an extension of an already existing system called SpeedSend to enable real-time wire transfers (freely translated):
Ripple’s blockchain-based solution was implemented to improve CIMB’s proprietary overpayment product called SpeedSend. This service allows customers to send and receive money with direct account credit and instant cash withdrawal. Enlargement improves their access to cross-border money transfers around the world – both in ASEAN and in other countries. It already enables transfers in corridors such as Australia, the USA, Great Britain and Hong Kong.
The CEO of the CIMB Group, Sri Zafru Aziz, says that Ripple’s technology will fundamentally change global payments:
This innovative blockchain solution will revolutionize cross-border money transfers internationally and is evidence of CIMB’s ongoing efforts to improve its digital banking offering by offering our customers fast and cost-effective solutions across ASEAN.
World Bank data show that the volume of remittances to Southeast Asia has increased to 120 billion dollars. Further data from the Boston Consulting Group (BCG) suggest that the global market for cross-border payments totals 27 trillion US dollars. The forecast states that the market could grow by a further 20 trillion US dollars in the next few years up to 2026. 39% of this volume takes place in the ASEAN region. Ripple is gaining a new partner who has recognized the opportunities and potential of blockchain technology and wants to and will use it for their own business processes.
