Ripple’s blockchain sends speed to CIMB’s payments network
CIMB Group and Ripple have partnered to enable instant cross-border payments across various markets.
CIMB will join Ripple’s network (RippleNet), which opens the door to other RippleNet members and allows CIMB to grow its cross-border payments business.
Ripple’s blockchain solution has been deployed to enhance SpeedSend, CIMB’s proprietary remittance product. It is now live enabling remittances in Australia, US, UK and Hong Kong.
This will expand CIMB’s SpeedSend network and open new payment corridors for cross-border remittances, both inbound into ASEAN and outbound to other countries.
As part of the partnership roadmap, CIMB will be looking to applying the solution to other use cases across the group.
The group says there is a growing demand for cross-border payment solutions, with the World Bank projecting that remittances to Southeast Asia will grow to $120 billion by the end of 2018.
“We’re seeing banks and financial institutions from across the world lean into blockchain solutions because it enables a more transparent, quicker and lower cost payments experience,” says Brad Garlinghouse, Ripple CEO. “CIMB’s network already spans 15 countries, nearly 800 branches and offers SpeedSend – one of the best solutions in the ASEAN region.”
