CIBC said in a statement that the partnership will enable the three banks to collaborate and to facilitate the exchange of employee talent in the innovation space, and also share aspects of their product development. Furthermore, CIBC representatives said that the bank encourages collaboration among teams and agrees to work with outside financial technology companies.
Over the past two months CIBC and NAB have worked together to test blockchain technology from Ripple, a Google-backed startup that enables banks to settle financial transactions, using it to move money from Canada and Australia and vice-versa.
That has enabled them to become part of only a small group of banks globally to have successfully completed a cross-border blockchain transfer.
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