The bank has transferred about 50 euro-denominated payments to Mexico from Spain in seconds. Such transactions normally take up to four days to clear, the bank added. Processing payments on Ripple costs, on average, 81% less than the correspondent-banking network that has been used to send payments around the world for decades, according to the company.
The blockchain tech company also lets companies track their payments like a FedEx package and see precisely how much it will cost to complete the transfer. The current method, which relies on the 40-year-old SWIFT messaging system, is incapable of providing either of these services.
The bank plans to offer a small group of clients the chance to begin testing Ripple’s service in a few weeks.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now