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Ripple (XRP) continues to gain a lot of attention from various institutions around the world. The platform has consistently proven itself as one of the most important companies in the world of cryptography and blockchain technologies. The developer of the third most successful cryptocurrency in the global market has established itself as one of the few options that have brought traditional financial markets to the use of tokens developed under DLT.
Ripple (XRP) added another positive experience to the long list of strategic partners after being recognized by a representative of Mitsubishi UFJ Financial Group, Inc. (NYSE: MUFG) as a of the most successful options that have confirmed to process payments quickly and economically.
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Who is Mitsubishi UFJ Financial Group, Inc. (NYSE: MUFG)?
Mitsubishi UFJ Financial Group, Inc. (NYSE: MUFG) is the fifth-the largest bank in the world by total assets of $ 2,784.74 billion, with a broader capital base than other conglomerates like JPMorgan Chase & Co (NYSE: JPM) with the sixth position, Goldman Sachs (NY SE: GS) and Santander ((NYSE: SAN) worth noting, he also had positive experiences with Ripple (XRP) .
Mitsubishi UFG owns three quarters of Krungsri Bank, which is Thailand's fifth largest bank. success with proven cases in the implementation of Ripple (XRP) as part of their banking system and stand as one of the leaders of the banking institutions that have implemented Ripple (XRP) .
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Ripple (XRP) Migli alternative hours to Swift
During a conference Steven Diep, XRP fan and a representative of Mitsubishi UFJ Financial Group, Inc. (NYSE: MUFG) commented on the technologies Ripple (XRP) provided better results than other alternatives such as SWIFT. He stated, "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 of funds or movement is between one and three days. "
He also added, " Using a technology like Ripple (XRP) we can get this result for something like 30 seconds, which is significantly different and at a cheaper cost, in terms of moving money between our subsidiaries, between our different countries within our network.This is really important to us. "
He noted that despite the assessment of different possibilities, the multinational is quite satisfied with the results obtained through the use of Ripple technologies. Steven Diep has clearly stated that Ripple (XRP) is not the only solution they intend to use but one of the solutions on which they are focused.
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Ripple (XRP) and MUFG have been working together since 2017 when they started their collaboration in March. The largest bank in Japan has joined Ripple's Global Payments Steering Group (GPSG) along with other big names such as Standard Chartered, Bank of America Merrill Lynch, Royal Bank of Canada, CIBC, Santander and Westpac Banking Corporation. The partnership appears to be of great benefit to MUFG since the institution was able to reduce operating costs among its 50 subsidiaries worldwide.
Diep concluded by explaining that the financial giant's confidence in implementing blockchain technologies is a way to evolve the payment system they currently manage. Western Union Company (NYSE: WU) An American financial services company is apparently exploring Ripple (XRP) for its pilot settlement project. The news has been released since 2015 and no positive statements have yet been heard. It can be concluded that the institution is not yet secure and probably and probably is not ready to share anything with this development on this development.
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