Commonwealth Bank to launch Ripple-based payments

Ripple is a peer-to-peer, distributed payments network that supports both cryptocurrency and fiat currency. It is built on an open source internet protocol – Ripple Transaction Protocol.

Commonwealth Bank’s mobile application already features multicurrency bank accounts, which he noted supports up to 15 currencies, and that it wouldn’t be hard to add loyalty points or digital currencies to it.

A CBA spokesperson confirmed the bank has been experimenting with Ripple and added that Commonwealth Bank will continue to test crypto protocols and soon begin a wider experiment with one of our offshore subsidiaries to explore the benefits of interbank transfers using these protocols. Use of Ripple’s payment network will stay within the Commonwealth Bank Group and they will continue to comply with all legal and regulatory requirements.