Part of the attractiveness of Ripple is the ability to execute cross-border transactions with such rapid processing times. Mostly, their technology has been used for their company, but it seems that even traditional banks are trying to use it. A recent announcement shows that Akbank, an institution in Turkey, has used their help in a transaction involving a Turkish bank in the United Kingdom.
Akbank initiated the transaction, which was in the Great British Pound (GBP), sending it to the Santander Bank in Turkey. The news that this technology is used for a traditional transaction is a great sign for the bear market, which is hoped to be close to finding relief. This transaction marks the first time a bank has used Ripple's blockchain technology to help with payment clearing, raising positive attention for Olga Ulutaş, Executive Vice President of Direct Banking.
During the discussion of an announcement that appeared last year on their potential to use Ripple technology, Ulutaş announced an international transaction that was underway. He added: "Now we have started to transfer money from GBP via Ripple to Santander UK with Blockchain infrastructure.With this important technology, our customers will now benefit from the possibility of transferring money in international money transfers at a very high cost. With the participation of new banks in the system, we continue our journey to expand this service through cooperation with various banks ".
According to a blog, the company now has clear permission to continue using Ripple technology. The GMT Israel blog said: "GMT is joining companies like MoneyGram, American Express, CIBC, Earthport, AKBANK and many others, who are already authorized to use the Ripple platform."
Community members for Ripple seem to be convinced that transactions may be due to the use of xCurrent in Ripple rather than xRapid. However, no involvement was mentioned. Months ago, in June, Chief Executive Brad Garlinghouse of Ripple noted that he believed that at least one of the many traditional banks in the world would find value in the application of XRP. Asked about his confidence in this idea, he said he was "100% safe".