Canada’s Leading Bank Uses Ripple’s Network to Make Cross-Border Payments

One of Australia’s largest banks, National Australia Bank (NAB), together with the Canadian Imperial Bank of Commerce (CIBC), is using Ripple’s technology to make cross-border payments.  

NAB has revealed this in a statement about the creation of an international banking alliance. In addition to the credit organization itself, it will also include Israeli Bank Leumi and CIBC. According to the press release:

“We are excited to work with CIBC and have already collaborated with them on using Ripple’s blockchain technology to make international payment transfers between our organizations as part of a proof of concept. In our opinion, this technology has the potential not only for real-time international payments, but also for improving the efficiency and security of our payment systems.”

The NAB alliance involves the exchange of information and innovative strategies, as well as the joint development of products and services.

NAB services are used by more than 8 million customers in Australia and around the world, whereas CIBC serves more than 10 million people.

Earlier, the general manager of the RippleNet platform, Asheesh Birla, has noted the company’s flagship product is the On-Demand Liquidity payment solution (ODL) is close to reaching “global reach.”