Mitsubishi UFJ Financial Group Inc. executive, which is currently the fifth largest bank in the world, recently spoke about advantages and their positive experience with Ripple as well as its products during a conference.
Overall the official representative commented that “despite evaluating several possibilities, the multinational firm is quite satisfied with the results obtained through the use of Ripple’s technologies”.
In his speech the executive stated that Ripple technologies can be good alternatives for SWIFT commenting that “today, for many of us, we may have to go through SWIFT and encounter charges; many intermediary banks are part of that, and typically an SLA for fund transfer or movement is between one and three days. Using technology such as Ripple, we can get that done to something like 30 seconds, which is significantly different and at a cheaper cost as well in terms of moving money between our branches, between our different countries within our network. That’s really important to us”.
In addition, the fact that Ripple makes the transactions between the bank’s various branches across the world measurably cheaper and faster was also highlighted during the session. “Ripple is one of the solutions we are concentrating on and the one that works”, commented the executive. He went on sharing: “why this really matters to us, we operate in more than 50 countries as a bank around the world, so more than 50 countries have branches and operations and we have to move money between all those operations every day in a significant amount of money. We got a number of multinational corporates that operate all across, so there is huge liquidity occurring everyday”.
Ripple has been cooperating with MUFG since 2017. Mitsubishi UFJ Financial Group, Inc. is currently the 5th largest bank in the world with total assets of $2,784.74 B.