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The Malaysian banking group CIMB has joined the Ripple network of payments, based on blockchain, RippleNet, looking for faster cross-border payments.
A strategic partnership between companies responds to the need for "rapid and cost-efficient international payments" through the ASEAN region (Association of Southeast Asian Nations), said Ripple on Wednesday.
Specifically, Ripple's blockchain-based solution was implemented to expand CIMB's existing proprietary remittance system, SpeedSend. The integration of RippleNet already facilitates "instant" remittances through corridors such as Australia, United States, United Kingdom and Hong Kong, the bank said.
As part of the partnership, CIMB has stated that it is also planning to extend the Ripple solution to other use cases within the group. SpeedSend currently serves people who travel to a number of predominantly Asian countries, including the Philippines, Japan, Singapore, Thailand and India, according to its website.
Ripple's CEO, Brad Garlinghouse, said:
"We are seeing banks and financial institutions around the world lean into blockchain solutions because it allows for a more transparent, faster and cheaper payment experience."
While Ripple offers different payment solutions, one of which uses the XRP cryptographic token, companies have not revealed which one is used by CIMB.
According to World Bank projections, remittances in Southeast Asia will increase to $ 120 billion by the end of 2018, while global remittances will grow to $ 642 billion.
Image of the CIMB bank via Shutterstock
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