By Nina Kikava - News - 4 weeks ago

CIMB and Ripple Partner in Cross-Border Payment Network

On November 15, Bloomberg reported, that Malaysian company CIMB signs on to the cross-border payments network, that is run by blockchain technology firm Ripple. The cross-border payments network is called RippleNet.

The company CIMB will deploy the product, which will be the solution for cross-border payments. The technology of Ripple will be used in SpeedSend payment product of CIMB. SpeedSend is used in numerous number of countries including the Philippines, Vietnam, and Thailand.

The industry of Financial services has started to experiment with the technology underlying cryptocurrencies. For example, earlier this year, there was a blockchain based payment service introduced which was between Hong-Kong and Philippines.

Ripple is trying to compete with money transfer giant SWIFT in the cross-border industry. CEO of Ripple Brad Garlinghouse commented on this matter:

“Swift is owned by banks, Ripple is here to help the banks [...] what we are doing on a day-to-day basis is, in fact, taking over SWIFT. We’ve signed well over 100 banks, some of the world’s largest SWIFT-enabled banks are now using Ripple’s technology.”

CIMB is not the only company that will join Ripple in the cross-border payments industry. One of the Japanese largest bank holdings and financial services company MUGF stated that they will also join RippleNet. The company is aiming to make a new cross-border service with Brazil. This particular network is gaining more and more grip with banks for payment solutions.