- Ripple’s technology will be used by one of Canada’s largest banks to speed up cross-border payments between the country and other countries using the distributed network. Toronto-based Bank of Montreal (BMO) has partnered with Ripple to use the company’s distributed network to improve the speed and cost of international payments.
- Under the deal, BMO will use Ripple’s technology to transfer money between its local bank accounts in different countries and the bank’s accounts in Canada and the U.S. using the distributed network. The first steps in the project will involve transferring money between accounts in the U.K. and Canada.
- Toronto-Dominion Bank (TDB) is using Ripple’s software for real-time payments, which will allow its customers to make payments in seconds instead of days. TDB is one of the country’s largest financial institutions, and its use of Ripple’s software is another example of the growing interest in the platform’s technology.
Ripple’s product close to achieving “global coverage”
- Ripple’s xRapid product is close to achieving “global coverage,” with liquidity already provided by its existing network of banks and financial institutions in only a few countries, the company told CNBC. It’s a major milestone for the company, which has been dogged by questions about its ability to achieve widespread use of its XRP cryptocurrency since it was first announced.
- xRapid is designed to allow banks and other financial institutions to process cross-border payments in minutes, compared with days or even weeks using the current system. The company has said it aims to increase the number of locations where its XRP is used from the current “global coverage” of a few countries to anywhere that has “global access.
- This brings the total to ten, including Japan, which was announced in January. This comes after Ripple announced earlier this year that it was targeting $1 billion in revenue by the end of 2017. The company is looking to achieve this by expanding into other verticals, including banking, supply chain and payments.
Summary
- Ripple has been making waves in the banking industry. The innovative cross-border payments platform has been adopted by a variety of leading banks and financial institutions.
- In a major development, Canadian Imperial Bank of Commerce (CIBC) has announced that it is going to leverage Ripple’s technology to make cross-border payments. This is a major development given that CIBC is one of the biggest banks in Canada.
CTA
- This is a big moment for BMO and for Ripple — and it’s the beginning of a long and fruitful partnership. By using Ripple’s blockchain technology, BMO will be able to improve the speed and efficiency of cross-border payments for their customers.
- This will help BMO keep up with the rapidly evolving demands of their customers — and provide a better experience for their customers than they could have had before.
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