Ripple’s array of partners expands as CIBC, NAB join RippleNet

abdelaziz Fathi

The Canadian Imperial Bank of Commerce (CIBC) and the National Bank of Australia (NAB) are joining RippleNet to tap its increasingly popular blockchain solution for cross-border payments and settlement, according to an announcement from the Ripple team.

The move is part of a wider alliance between the North American and APAC banking giants with Israel’s Bank Leumi to share information, innovation strategies and open up networks with start-up partners. The collaboration also strengthens the potential for these banks to co-develop products and services to enhance customer experiences.

The partnership centers around adopting RippleNet’s global payment network service, which leverages Ripple’s native stablecoin for instant cross-border payments, through the ODL service. RippleNet, which already has attracted over 300 financial institutions, has signed an existing roster of financial institutions and money transfer companies.

Through On-Demand Liquidity, RippleNet utilizes XRP as a bridge between two currencies, thus lowering operational costs, unlocking capital, and enables the users to avoid pre-funding accounts on each side of a transaction.

“We’re excited to be working with CIBC and have already partnered with them in using Ripple’s blockchain technology to complete international payments transfers between our banks as a proof of concept. We believe that the technology has the potential to not only deliver real-time international payments, but also improved security and efficiency of our payments systems, so this is an important piece of work,” said NAB Executive General Manager NAB Labs Jonathan Davey.

Major banks are testing the product

He added that the network opened up many opportunities for NAB, one of Australia’s top 4 banking institutions, to access first-class innovation initiatives and insights.

Ripple is developing several blockchain-based solutions that enable cross-border money transactions between banks in a faster and cheaper way than the current systems. The XRP issuer has recently made significant inroads in Asia as its business continues to face difficulties in the US.

Bank Leumi First Executive Vice President, Group CTIO and COO, Dan Yerushalmi added: “It’s common knowledge that Israel is the ‘Start-Up Nation’ and a hotbed of innovation. Bank Leumi is a key player in both the local and global innovation arena and I am strongly convinced that this alliance will enable us to mutually share innovation strategies and to enhance our respective customer experience. We find this open dialogue and knowledge sharing to be of great value and see the alliance as the beginning of a wider collaboration with NAB and CIBC in future programs.”

Read this next

Technical Analysis

FTSE 100 Technical Analysis Report 16 April, 2024

FTSE 100 index can be expected to fall further toward the next support level 7760.00, former strong resistance from last year, acting as the support after it was broken this January.

Digital Assets

Cyprus keeps FTX EU license suspended until September

The Cyprus Securities and Exchange Commission (CySEC) has extended the suspension of FTX.com’s CIF license, which allowed the insolvent platform to operate throughout Europe, until September 30, 2024.

Metaverse Gaming NFT

Mon Protocol and Pixelverse Forge a Groundbreaking Partnership to Revolutionize Blockchain Gaming

Mon Protocol and Pixelverse make history in the annals of Blockchain gaming as they set up the architecture for the melding of their technologies.

Chainwire

Nimiq Pay Launch: A New Standard For Self-Custodial Crypto Payments

Nimiq, the blockchain ecosystem for payments that is designed to make cryptocurrency easy for everyone to use, has taken the first concrete steps towards its goal of becoming the world’s most widely-accepted digital asset for payments with the launch of Nimiq Pay.

Inside View, Interviews

Exclusive: GoMining’s Mark Zalan wants to democratize opportunities of Bitcoin halving

As the Bitcoin community counts down to the upcoming Bitcoin halving, Mark Zalan, CEO of GoMining, shared exclusive insights into how the company is gearing up for this pivotal event in the cryptocurrency world.

Digital Assets

Umoja Partners with Merlin Chain to Launch Revolutionary Bitcoin-Based Synthetic Dollar – USDb

Umoja, an innovative smart money protocol, has embarked on a strategic partnership with Merlin Chain, a leading Bitcoin Layer-2 network, to introduce USDb, the first Bitcoin-based, high-yield synthetic dollar.

Crypto Insider

Bybit Report Highlights Imminent Bitcoin Supply Shortage and Rising Scarcity Post-Halving

Bybit, recognized as one of the top three cryptocurrency exchanges globally in terms of trading volume, has recently published a comprehensive report highlighting the future supply constraints of Bitcoin.

blockdag

BlockDAG Outshines XRP Price Breakout and Uniswap Crypto Forecast with 20,000x ROI Potential and Teaser for Keynote on Moon

BlockDAG has become the latest sensation in the crypto world, which has taken the spotlight by storm, overshadowing even the most optimistic projections for XRP’s price breakout and Uniswap’s crypto forecast.

Digital Assets

Binance announces blockchain courses at European universities

“Education plays a pivotal role in advancing adoption and fostering opportunities as these technologies redefine our future and global economic landscape.”

<