San Francisco
19 September 2016
Reporter: Stephanie Palmer

More banks join blockchain settlement network


Financial settlement solution provider Ripple has added six new banks to its network.

Standard Chartered, National Australia Bank, Mizuho Financial Group, BMO Financial Group, Siam Commercial Bank and Shanghai Huarui Bank will use the Ripple technology for cross-border payments.

The blockchain-based technology is intended to reduce time and cost of settlement, engaging in new types of high-volume, low-value global transactions.

All of the new institutions have already successfully transferred money using Ripple, and all are planning on implementing solutions commercially.

Shanghai Huarui Bank has plans to implement a commercial cross-border payment service for retail customers, allowing them to send money internationally, at a low cost.

Ripple CEO and co-founder Chris Larsen, said: “2016 has proven to be the year where the most forward-thinking financial institutions are actually using blockchain technologies for payments and settlement rather than as an experiment.”

He added: “The continued growth of the Ripple network represents a major endorsement of our open approach to connecting the world’s banks and their customers. Together we are building a modern payments system to enable new economic opportunities and the seamless flow of value around the world.”

Andrew Fang, general manager and head of innovation and research at Shanghai Huarui Bank, said: “We view blockchain as a competitive advantage that allows us to provide differentiated products, serve the on-demand expectations of our existing clients, and grow our customer base.”

Gautam Jain, global head of digitisation and client access for transaction banking at Standard Chartered, commented: “It is crucial that we continue to innovate to make international payments easier and faster, not just for our clients but also for the future of the payments industry.”

More payments news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Ebury exports transaction services offering to Canada
07 November 2017 | Toronto | Reporter: Theo Andrew
The new office is intended to support rising demand for international currency payments and collections, foreign exchange risk management and import finance solutions from Canadian businesses
Deutsche Bank gpi service expands to euro payments
06 November 2017 | Frankfurt | Reporter: Stephanie Palmer-Derrien
Deutsche Bank has launched its global payments initiative service for euro payments, promising to process payments between continents within 30 minutes
Swift harmonises VP Securities network in Denmark
19 October 2017 | Toronto | Reporter: Theo Andrew
The enhancement, set to launch in 2018, means banks will face reduced costs by harmonising the network used to connect with other securities markets across the globe
NEX partners with Baton Systems
17 October 2017 | London | Reporter: Jenna Lomax
The agreement means Baton Systems will be the first third party to provide its clients with services through NEX’s Infinity solution
SWIFT blockchain testing shows progress
13 October 2017 | Brussels | Reporter: Theo Andrew
Challenges remain in the development of unique value propositions and integration with legacy back-office applications
European banks line up for real-time payments launch
10 October 2017 | Paris | Reporter: Theo Andrew
The first group of users are currently testing the platform’s connectivity, as it prepares for a “real-time payments ramp-up in Europe”, with banks including BBVA, CaxiaBank and UniCredit, a company statement said
UniCredit embarks on test phase for European instant payments
25 July 2017 | Milan | Reporter: Stephanie Palmer
UniCredit has started testing EBA Clearing’s instant payment solution RT1, in preparation to roll out instant payments multinationally
More payments news