Mitsubishi UFJ Financial Group Inc. executive, which is currently the fifth largest bank in the world, recently spoke about the benefits and their positive experience with Ripple and its products during a conference.
Overall, the official representative commented that "despite the assessment of different possibilities, the multinational is quite satisfied with the results obtained through the use of Ripple technologies"
In his speech the executive he said that Ripple technologies may be good alternatives for SWIFT, he comments that "today, for many of us, we may have to go through SWIFT and run into accusations, many intermediate banks are part of this and generally an SLA for transfer or shift of funds is between one and three days.With a technology like Ripple, we can get this result for something like 30 seconds, which is significantly different and at a cheaper cost, in terms of transferring money between our branches, between our different countries inside our network.This is very important for us ".
In addition, the fact that Ripple entails transactions between different bank branches worldwide, measurably less expensive and faster, was also highlighted during the session. "Ripple is one of the solutions we are focusing on and the one that works," said the executive. He continued to share: "because this is really important to us, we operate in more than 50 countries as a bank across the world, so more than 50 countries have branches and operations and we have to move money between all those transactions every day in a significant amount of money.We have a number of multinational companies operating all over the world, so there is a huge liquidity that occurs every day ".
Ripple has been collaborating with MUFG since 2017. Mitsubishi UFJ Financial Group, Inc. is currently the 5 th the largest bank in the world with total assets of $ 2,784.74 B.