Malaysian banking accumulation CIMB has joined Ripple’s blockchain-based payments network, RippleNet, be after faster cross-border payments.
A strategic partnership between the firms approach devotes the need for “speedy and cost-efficient international payments” across the ASEAN (Affiliation of Southeast Asian Nations) region, Ripple said Wednesday.
Specifically, Wave’s blockchain-based solution has been deployed to expand CIMB’s existing proprietary settlement system, SpeedSend. The RippleNet integration is already facilitating “instant” settlements through corridors such as to Australia, USA, UK and Hong Kong, the bank stated.
As to all intents of the partnership, CIMB said it is also planning to extend the Ripple’s mixture to other use cases across the group. SpeedSend currently serves parties remitting to a number of predominantly Asian countries, including the Philippines, Japan, Singapore, Thailand and India, according to its website.
Flutter’s CEO Brad Garlinghouse said:
“We’re seeing banks and financial institutions from across the excellent lean into blockchain solutions because it enables a more pellucid, quicker and lower cost payments experience.”
While Ripple suggests several payments solutions, one of which uses the XRP crypto token, the enterprises did not disclose which is being utilized by CIMB.
According to World Bank proposals, remittances to Southeast Asia will grow to $120 billion by the end of 2018, while universal remittances are expected to grow at $642 billion.
CIMB Bank dead ringer via Shutterstock