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Seven Banks to Deploy Ripple’s Distributed Ledger Technology for Payments

Around seven global banks including UBS, Santander, and Canadian Imperial Bank of Commerce (CIBC) will sign up to the Ripple's Distributed Ledger Technology (DLT) for cross-border payments. By embracing Ripple, the group, which also includes UniCredit, ReiseBank, National Bank of Abu Dhabi, and ATB Financial, are hoping to slash the time and cost of cross-border settlement in high volume global transactions. For transactions, Ripple lets banks ditch the traditional, sluggish model of using local currency accounts with correspondent banks. Instead, money is converted into the native Ripple currency, XRP, and sent in near real-time.

The seven are all planning to deploy Ripple commercially, with most having already moved real money via the network. Last week ATB Financial and ReiseBank gave a demonstration of a US$1000 transfer during the Payments Panorama conference. The new deals means that Ripple’s network now includes 12 of the top 50 global banks, with 10 banks in commercial deal phases, and over 30 pilots completed.

News Characteristics

Date : Jun 22, 2016
Region : North America
Industry : Banks
Function : Operations and IT
Sub-Function : IT Modernization/Transformation