RippleNet, a solution that powers instant cross-border payments is getting popular among financial institutions. With CIMB collaborating with Ripple to exploit the solution, the number of subscribers is rising.
Ripple announced the developments via an official statement posted on their website. In particular, the strategic collaboration will enable CIMB’s customers across ASEAN region to utilise RippleNet. Further, the collaboration will give CIMB access to other institutions already using RippleNet.
CIMB collaborating with Ripple to deploy SpeedSend
RippleNet has a growing user base especially for institutions that facilitate cross-border payments. Since CIMB is a major player in global payments, joining RippleNet community looks like the right thing to do.
Interestingly, the RippleNet solution enters the ASEAN region at a time when cross-border payments are slow and expensive. According to a World Bank analysis, the slow and expensive nature of cross-border transactions is hurting remittances to the region.
Considering the fact that remittances to the ASEAN region are one of the highest globally, RippleNet will greatly help.
In particular, RippleNet will enable CIMB to deploy their proprietary solution that facilitates remittances. Dubbed SpeedSend, the solution allows individual customers to send and receive money across international borders.
What is more striking about SpeedSend is the ease of using the solution. Further, it facilitates speedy transactions at a very cheap premium. In addition, users are able to collect cash instantly as facilitated by the solution’s direct account crediting. Already, the solution is in deployment to remittance corridors such as Australia, USA, UK and Hong Kong.
Tengku Dato’ Sri Zafrul Aziz, CEO, CIMB Group believes CIMB collaborating with Ripple is what the regional remittance market needs. In particular, the two firms will leverage each other’s strengths to offer best-in-class services for regional and global customers.
“This innovative blockchain solution will revolutionize international cross-border remittances, and is a testament to CIMB’s ongoing efforts to enhance its digital banking proposition by providing speedy and cost-efficient solutions to our customers across ASEAN,” Sri Zafrul Aziz said.
On the other hand, Ripple commits “to enable customers to send vital funds to family, friends and loved ones more efficiently.”