The first bank to use the blockchain technology to transfer funds to Turkey, Akbank, announced today the start of the transfer of the British pound (GBP) with the use of Ripple's block technology.
Founded in 1948, the Istanbul bank with over $ 2.5 billion in revenue (₺ 13.7 billion) in 2017, has released the latest development to serve its users around the world after collaborating with Ripple for the remittance service the following year.
In a declaration of recognition, the Executive Vice-President in charge of Direct Banking, Tolga Ulutaş, in the press release praised the company's satisfaction to become the first bank to kick-start the transfer of international funds with blockchain technology. use.
"We started taking the first seeds of this industry-leading practice last year, and we have now started to transfer the money in GBP to Santander UK through the Ripple Blockchain infrastructure," said Ulutaş.
Ulutaş also said that progress will help its customers transfer money internationally at a low cost.
"Thanks to this important technology, our customers will now benefit from the possibility of transferring money in international money transfers at a much lower cost.With the participation of new banks in the system, we continue our journey to expand this service through cooperation with several banks ", added Ulutaş.
While praising the blockchain technology, the VP in a statement previously considered technology as an open network that exonerates the inclusion of the intermediary and at the same time offers a database in which the records are free of alterations.
With the latest development, there is more hope that Ripple's XRP will drive the market upturn.
Akbank is one of the banks deeply rooted in Turkey and has been classified as "The most valuable banking brand in Turkey" by a report – "Brand Finance Banking 500, 2018", for the seventh consecutive time.
In another report, the bank based in Turkey was ranked 126th among the most valuable banking brand in the world.