The number of financial institutions and banks leveraging RippleNet for cross-border payment has increased further. ASEAN?s fifth largest bank CIMB Group is the latest to join the network. Malaysia-based CIMB is to leverage the blockchain network to enable instant cross-border payments.
The addition of CIMB Group brings to over one hundred, financial institutions using RippleNet. Likewise, CIMB will now be able to collaborate with the over 100 institutions to make it possible for people to complete cross-border payments.
CIMB intends to use RippleNet to improve its current remittance service SpeedSend.? The service allows users to send and receive funds. Similarly, it includes features such as direct account credit and instant cash collection.
By leveraging Ripple?s technology, CIMB should be able to facilitate transactions across the ASEAN region. Currently, SpeedSend is only available to customers sending money within Malaysia. Hassle-Free cross-border payments should consequently become a reality.
?This innovative blockchain solution will revolutionize international cross-border remittances, and is a testament to CIMB?s ongoing efforts to enhance its digital banking proposition by providing speedy and cost-efficient solutions to our customers across ASEAN,? said CIMB CEO, Tengku Dato? Sri Zafrul Aziz.
CIMB joins a number of high profile financial institutions that have sought the help of blockchain technology to enable faster and easier payments.? Leveraging Ripple?s RippleNet likewise will allow the bank to pass the benefit of fast transactions compared to current inefficient procedures.
American Express & Santander Join RippleNet
American Express and Santander have joined forces as they also look to use RippleNet.? The two financial behemoths are set to use the Ripple?s blockchain network to ease payments between the U.S and the U.K.
Similarly, the new service will be open to America Express business customers on FX International Payments. Users will be able to route payments via RippleNet consequently enjoy instant traceable cross-border payments to Santander bank accounts.
According to American Express Executive VP, Marc Gordon, RippleNet integration marks an important step on the firm?s blockchain journey. The firm currently uses Ripple?s xCurrent product to facilitate international transactions. Santander also users xCurrent for 50% of its international transfers.