Ripple Adds Several New Banks to Global Network
Team Ripple
<p><i><span style="font-weight: 400;">Customers conduct real money pilots in move toward commercial deployments</span></i></p>
<p><span style="font-weight: 400;">SAN FRANCISCO - </span><a href="https://ripple.com/"><span style="font-weight: 400;">Ripple</span></a><span style="font-weight: 400;">, t</span><span style="font-weight: 400;">he global provider of financial settlement solutions, today announced the addition of </span><span style="font-weight: 400;">several</span><span style="font-weight: 400;"> financial institutions to its growing network. </span><span style="font-weight: 400;">Standard Chartered, National Australia Bank (NAB), Mizuho Financial Group (MHFG), BMO Financial Group, Siam Commercial Bank (SCB) and Shanghai Huarui Bank </span><span style="font-weight: 400;">are now among the global banks that have adopted Ripple to improve their cross-border payments.</span></p>
<p><span style="font-weight: 400;">“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,” said </span><b>Ripple CEO and co-founder Chris Larsen</b><span style="font-weight: 400;">. “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.”</span></p>
<p><span style="font-weight: 400;">These leading banks are taking advantage of Ripple’s distributed financial technology to drastically reduce the time and cost of settlement while enabling new types of high-volume, low-value global transactions for their customers. While the use cases vary, these financial institutions have successfully transferred actual money via Ripple, and all are aiming to implement the solutions commercially. For example, </span><span style="font-weight: 400;">Shanghai Huarui Bank</span><span style="font-weight: 400;"> is working with Ripple on a new commercial cross-border payment service for its growing retail customer base so they can send money internationally in real-time and at a much lower cost. </span></p>
<p><span style="font-weight: 400;">Today’s news follows </span><a href="http://www.sbigroup.co.jp/english/news/pdf/2016/0819_a_en.pdf"><span style="font-weight: 400;">SBI Ripple Asia’s announcement</span></a><span style="font-weight: 400;"> last month of the creation of a Japanese consortium of 15 banks in a new network that will use Ripple’s technology for payments and settlement. SBI Ripple Asia projects that the 15 inaugural members will increase the size of the consortium to 30 banks and that the new service will go live in spring of 2017.</span></p>
<p><span style="font-weight: 400;">Existing </span><a href="https://ripple.com/network/financial-institutions/"><span style="font-weight: 400;">Ripple customers</span></a><span style="font-weight: 400;"> include Santander, UniCredit, UBS, Royal Bank of Canada (RBC), Westpac Banking Corporation, ReiseBank, CIBC, National Bank of Abu Dhabi (NBAD), ATB Financial, and Fidor Bank, among others. As the only provider of enterprise blockchain solutions, Ripple’s growing, global network includes </span><span style="font-weight: 400;">15 </span><span style="font-weight: 400;">of the top 50 global banks, 10 banks in commercial deal phases, and over 30 bank pilots completed, among many others also using Ripple’s solutions. </span></p>
<p><span style="font-weight: 400;">Several of the banks commented on their use of Ripple technology:</span></p>
<p><span style="font-weight: 400;">“With over $155 trillion of cross-border payments being made between businesses annually, 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,” said </span><b>Gautam Jain, Global Head, Digitization and Client Access, Transaction Banking, Standard Chartered. </b><span style="font-weight: 400;">“As a leading international bank committed to facilitating trade, commerce and investments, this partnership will go a long way in progressing our digitization agenda to develop innovative solutions for our clients.”</span></p>
<p><span style="font-weight: 400;">“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,” said </span><b>Andrew Fang, General Manager & Head of Innovation and Research at Shanghai Huarui Bank</b><span style="font-weight: 400;">. “For example, using the Ripple solution, we are working on a new commercial payment service for retail customers that will allow them to send money from China to the U.S. and other countries in real-time.”</span></p>
<p><span style="font-weight: 400;">“SCB’s vision is to embrace new technologies to provide improved quality and more cost-effective service to our customers,” said </span><b>Colin Dinn, Chief Technology Officer at Siam Commercial Bank.</b><span style="font-weight: 400;"> “With Ripple, SCB looks forward to leveraging new blockchain technologies to provide a significantly faster and more convenient cross-border payment service to our customers.”</span></p>
<p><span style="font-weight: 400;">To learn more about Ripple’s solutions and relevant use cases for financial institutions, please visit</span><a href="https://ripple.com/solutions/cross-currency-settlement/"> <span style="font-weight: 400;">Ripple.com</span></a><span style="font-weight: 400;">.</span></p>
<p><b>About Ripple</b></p>
<p><span style="font-weight: 400;">Ripple provides global financial settlement solutions to ultimately enable the world to exchange value like it already exchanges information – giving rise to an Internet of Value (IoV). Ripple solutions lower the total cost of settlement by enabling banks to transact directly and with real-time certainty, optionally using the digital asset XRP to further reduce liquidity costs. Banks around the world are partnering with Ripple to improve their cross-border payment offerings, and to join its growing, global network of financial institutions and liquidity providers.</span></p>
<p><span style="font-weight: 400;">Ripple is a venture-backed startup with offices in San Francisco, New York, London, Sydney and Luxembourg. As an industry advocate for the Internet of Value, Ripple sits on the</span><a href="https://fedpaymentsimprovement.org/faster-payments/task-force/"><span style="font-weight: 400;"> Federal Reserve’s Faster Payments Task Force Steering Committee</span></a><span style="font-weight: 400;"> and co-chairs the</span><a href="https://www.w3.org/Payments/WG/"> <span style="font-weight: 400;">W3C’s Web Payments Working Group</span></a><span style="font-weight: 400;">.</span></p>
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