CIMB Group, the fifth bank in ASEAN adopts Ripple’s tech and enters RippleNet, the company’s network of banks. This will allow the bank to provide its customers with instant cross-border payments.
Ripple said that CIMB would be using the blockchain technology in a part of the world in which payments are not too fast and efficient, and Ripple will help them change this.
CIMB will use Ripple’s solutions to enhance cross-border payments
“Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend. This service allows customers to send and receive money with direct account crediting and instant cash collection,” the company behind XRP says.
This partnership will allow the bank to enhance its access to cross-border remittances across the world.
The CEO of CIMB Tengku Dato’ Sri Zafrul Aziz said that Ripple’s tech would completely change the way in which cross-border transactions are made, and he also believes that Ripple’s solutions are able to revolutionize the cross-border transactions in general.
Together with Ripple, CIMB will be able to take forward their efforts of improving digital banking services and enjoy new improvements such as higher speeds and enhanced cost efficiency across ASEAN.
Ripple teamed up with TAS software provider
In other news, Ripple added another partnership to its long list of important deals.
TAS’ official website posted “Ripple is coming.. and TAS is ready!”
TAS is an essential partner for Ripple as it’s working with various commercial and central banks from Europe and more locations in the world. They’re also the principal broker-dealer of the Global Fortune 500.
Dieter Schoene, the managing director of TAS in Germany stated that “We have been actively monitoring the blockchain market developments from the beginning, years ago, being the first Italian vendor to implement in 2014 a Ripple driver in our interbank payments hub allowing Banks to pilot and evaluate the Ripple value proposition for cross-border real-time payment transactions.”