Blockchain Boom Begins: Ripple Locks In 10 More Financial Institutions
(As featured in Forbes- April 26, 2017)
Written by: Madhvi Mavadiya
Blockchain payments provider Ripple announced today that 10 more financial institutions would be joining their global payments network. With a range of different sizes of banks and payment service providers joining what is known to be the only proven blockchain solution for payments, this could be the start of a blockchain boom as more and more companies start to experiment with the technology.
MUFG, BBVA, SEB, Akbank, Axis Bank, YES BANK, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com have turned to Ripple’s blockchain solution to help with speed, scalability and costs that usually come with older payments systems.
Ripple CEO Brad Garlinghouse highlights this emergence of a blockchain boom and uses his company as an example to show that the number of customers in this area is accelerating. ‘People know Ripple is the only blockchain solution for payments that is proven in the real world, and it’s driving demand from financial institutions of all kinds and sizes because they want to stay ahead of the curve,’ Garlinghouse said.
So far, Spanish bank BBVA has already started to provide real-time payments with blockchain between Europe and Mexico. Turkish bank Akbank is the first bank in the country to adopt blockchain technology and acts as a model for other financial institutions that want to enable cross-border payments without the need of correspondents.
Akbank’s executive vice president Tolga Ulutaş explores how important it was for the bank to take this first step in the international money transfer market. We believe that this new phase in technology will increase speed andtransparency for our customers while at the same time reducing costs and providing a higher quality of service.
In Japan, Hirofumi Aihara, general manager of the Bank of Tokyo-Mitsubishi UFJ, a member of MUFG also spoke about his work with Ripple’s blockchain system. ‘To demonstrate our commitment to the technology, we are joining the Japan Bank Consortium to collaborate with other Japanese banks move to commercial use of Ripple’s global network. I do believe we can bring our experience from the Japan Bank Consortium to the Global Payments Steering Group,’ he said.
Alongside this, Star One is the first credit union to offer Ripple remittances to customers via eZforex.com, which shows that smaller banks can also lower their costs with this technology.
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