RippleNet has continued to rake up more clients as payment providers recognize the many advantages that the platform offers. Standard Chartered, which begun using RippleNet last year has announced in its Q1 Interim Management Report that it will expand the use to five more countries. The London-based global banking giant begun using RippleNet in 2017 to facilitate payments between Singapore and India, a payment corridor that is approximately worth $15 billion.
Having used RippleNet for over five months now, Standard Chartered is pleased with the results, with the group CEO Bill Winters stating that the bank looks at blockchain technology as a way of streamlining cross-border payments.
We are using blockchain technology to streamline cross-border payments as part of the first live, real-time payments corridor between Singapore and India that we initiated in 2017. We will expand this capability to five more pairs of countries in 2018.
Singapore is a very important financial hub globally and is ranked as the third-largest financial center in the world by the World Economic Forum. There are approximately 1500 companies from India based in Singapore and Standard Chartered has been capitalizing on RippleNet to assist these companies to remit funds in real-time while incurring very low charges.
Gautam Jan, a managing director and the global head of client access at the bank has previously expressed the bank’s satisfaction with RippleNet.
The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates. We are incredibly proud to be leading the way in this area. This affirms our commitment to digitisation and innovation as we continuously look at new way.
Other banks have also taken to RippleNet to get the competitive advantage by offering their clients faster, traceable and cost-efficient funds transfers. They include MUFG, BBVA, UniCredit, Credit Agricole, RakBank, Axis Bank and SBI. Just recently, Santander’s CEO Ana Botin revealed that Ripple’s platform now processes over 50% of the bank’s cross-border transactions.