Financial Innovation Startup and 12 Global Banks Test Blockchain Based Cross-Border Payment System
Friday, October 21, 2016
U.S.-based financial innovation start-up R3, along with 12 global banks, have completed the test of a cross-border payment system powered by blockchain technology and developed by financial technology company Ripple.
Ripple, a U.S.-based provider of blockchain-based banking payments technology, said in a statement on Thursday that R3 and 12 of its member banks used Ripple’s XRP currency in a cross-border transaction to enhance liquidity in real time, creating savings as much as 60 percent of the liquidity cost in cross-border payments.
R3 is leading a consortium of more than 60 of the world’s largest financial institutions created to develop commercial applications of blockchain technology for the financial services industry.
Banks involved in the trial include Barclays, BMO Financial Group, CIBC, Intesa Sanpaolo, Macquarie Group, National Australia Bank, Natixis, Nordea, Royal Bank of Canada (RBC), Santander, Scotiabank, and Westpac Banking Corp.