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Standard Chartered bank begins using RippleNet for higher transaction speeds

There’s another good news for Ripple and this time it involves Standard Chartered. Standard Chartered is a company from London which offers financial and banking services. They just revealed their plans to extend their use of Ripple (XRP) network. The plan involves providing payments across the border for more five pairs by the end of 2018.

The company is popular mostly for its operations involving a large network that includes more than 1,200 outlets and branches. The company has businesses in more than 70 countries, providing workplaces for over 18,000 employees.

Standard Chartered started using RippleNet

The company recently decided to team up with Ripple and the latter is well-known especially for making connections more than anything else. Ripple connects exchanges of digital assets, corporations, banks, and various payment providers. All of them connect each other via RippleNet which allows money transfers in an instant all over the world.

The bank’s decision to announce the use of RippleNet came together with the target of unlocking a new trading corridor that’s worth the whopping amount of $15 billion. The corridor is between India and Singapore and it will be unlocked in November. Long story short, the system’s goal is to increase the payment’s speed.

Standard Chartered detailed its plans in the Q1 2018 report

CEO of Standard Chartered, Bill Winters is an American Banker whose main target is to expand the bank’s business via RippleNet. The plan was dissected in the bank’s report for Q1 2018.

In the report, Winters dedicated special focus to the bank’s investments regarding innovation and more. He said that his company is using blockchain technology to streamline payments across the border. This is just a part of the first corridor that will enable live and real-time payments.

The plans are to expand the bank’s capabilities to more five pairs of countries and this should be finalized by the end of the year.

Ripple is obviously excited about the idea especially since the platform packs blockchain technology and decentralized currency. It will enable the bank to use their tech in a centralized structure and the bank will benefit from fast transactions and it will also keep these transactions under control via the centralized structures.

coinmag

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.