Demos and meetings are happening at Ripple’s Sibos booth, all week long.
Sibos is the best time and place for banks to share their innovations and triumphs. Announcements abound, but we’re pleased to pass on good news specifically from our partners and investors. Standard Chartered and CGI both shared news on day two of Sibos on how they’re working to facilitate the Internet of Value: laying the foundations for a seamless global payments system and creating new business opportunities that the current system cannot adequately service.
Standard Chartered just announced that they completed the first real-time cross-border payment for businesses with another major correspondent bank, leveraging Ripple’s distributed financial technology as part of their ‘Banking the ecosystem’ strategy. Standard Chartered points out in their announcement what other banks using Ripple have already seen in action: a cross-border payment that typically takes two days to settle can be completed in less than 10 seconds with full transparency of fees and FX.
“This initiative is an integral part of our digitisation agenda in the area of distributed ledger technology as we continue to explore new ways of adding value to our clients and the industry. Digitisation is a priority for the Bank to better serve our clients by connecting business communities in a more efficient way. Payments innovation is a key area of focus in order to bank our clients’ ecosystem and make it more cohesive, reduce risk and increase transparency.”
—Alex Manson, Global Head of Transaction Banking at Standard Chartered.
Our next announcement comes from integration partner CGI, who announced earlier today that they are advancing their blockchain adoption with implementation of a Ripple Validator Node. Ripple validators (such as MIT and Microsoft Azure BaaS) are servers that confirm transactions on Ripple’s network.
Given Ripple’s ongoing efforts to further decentralize our network, we are very pleased to add a major enterprise player as a validator and contributor to the consensus process. This addition will play a key role in our work with CGI, making it even easier to put blockchain technology into commercial production. The CGI-hosted Ripple Validator Node provides banking clients with another trusted network partner for Ripple’s solutions to settle cross-border and domestic transactions in real time. This announcement follows the recent release of CGI’s Ripple-enabled Intelligent Gateway.
“CGI is at the forefront of payments modernization, and our partnership with Ripple provides added value to our clients. We are excited to continue to expand our use of distributed financial technology to help banks reduce implementation risks and shorten time to value.”
—Pamela Smith, Vice-President of CGI’s Financial Solutions Group
Stay tuned to Ripple Insights for more updates from Sibos 2016, and follow Ripple on Twitter for all the latest news.