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Ripple's Technology to Be Used by Canadian Top Bank for Cross-Border Payments: Details

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Mon, 21/03/2022 - 10:16
Ripple's Technology to Be Used by Canadian Top Bank for Cross-Border Payments: Details
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CryptoLaw founder John Deaton shares the news that Ripple's blockchain technology is now being used by Canada's top bank, CIBC, for cross-border payments. Ripple's partner, NAB, one of Australia's top four banks, stated on its website that it is partnering with Canada's CIBC using Ripple's blockchain network technology. CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients.

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It states, "We're excited to be working with CIBC and have already partnered with them in using Ripple's blockchain technology to complete international payments transfers between our banks as a proof of concept. We believe that the technology has the potential to not only deliver real-time international payments, but also improved security and efficiency of our payments systems, so this is an important piece of work.''

Ripple's product close to achieving "global coverage"

As reported previously by U.Today, Ripple reports that its flagship On-Demand Liquidity (ODL) product was close to achieving "global coverage." The service, which was formerly known as xRapid, is currently operating in 22 destination markets, the report states.

The RippleNet network wrapped up 2021 with a payment volume run rate of more than $10 billion. In November, Ripple announced its plan to launch a liquidity hub that will allow enterprises to seamlessly access a slew of trading venues. Ripple is reportedly valued at roughly $15 billion after buying back shares from its Series C funding round in January.

According to a recent Ripple publication, more enterprise blockchain apps are integrating cryptocurrencies and other digital assets for operational and transactional purposes, highlighting the fact that crypto is moving closer to mainstream acceptance. To fully realize this shift, both financial institutions and businesses will have to wholly embrace the technology by first gaining a better understanding of crypto utility.

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