Ripple technology is of great interest to financial service providers around the world. Standard Chartered is one of the many companies experimenting with these new tools. The firm has made it clear they want to expand the use of RippleNet to different countries. This is great news for the remittance-oriented payment tool.
RippleNet Brings Home the Bacon
In the world of finance, there is a growing demand for cheaper and faster cross-border payment solutions. Remittance companies do an adequate job but remain a bit cumbersome. Banks are looking for a different kind of solution in this regard. Blockchain-based ventures are of keen interest, and it seems RippleNet is on a lot of company’s radar right now.
Standard Chartered has experimented with RippleNet for some time now. The Singaporean financial firm is pleased with the service and functionality so far. So much even they aim to bring this technology to five additional countries as early as 2019. Streamlining cross-border payments is of great importance to this financial institution.
Positioning Singapore at the heart of remittance transfers will not be easy. Opening up new payment corridors between various regions is of great importance. At this time, Standard Chartered uses RippleNet for cross-border payments to India. That concept seemingly works well, and adding more supported countries to this venture makes a lot of sense. Standard Chartered is a well-respected entity in the Asian finance sector, which should make this expansion a relatively smooth process.
Shaking up Payments Across Asia
For now, it remains unclear which countries Standard Chartered wants to tackle. No information regarding this development was provided at this time. Ripple’s technology seemingly opens up a lot of new opportunities previously inaccessible. With a strong focus on instant settlement, low fees, and transparency, solutions such as RippleNet will continue to attract a lot of attention. Standard Chartered’s Gautam Jain expresses his feelings regarding this technology:
“The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates. We are incredibly proud to be leading the way in this area. This affirms our commitment to digitisation and innovation as we continuously look at new way”.
It will take some time until solutions such as RippleNet truly disrupt Asia’s cross-border payment industry. By bringing this service to more regions, Standard Chartered heads in an interesting direction. Whether or not other financial firms will follow its lead, is a different matter. Blockchain-based ventures will continue to make an impact in this part of the world for some time to come.
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