According to the Mitsubishi UFJ Financial Group, Ripple makes moving a significant amount of money between its various branches across the world cheaper and faster. Meanwhile, Ripple’s other products xVia and XRP are making constant headway.
MUFG shares the Ripple experience
Mitsubishi UFJ Financial Group has a lot to say about Ripple and how it is benefiting the banking giant. Headquartered in Tokyo, Japan, it is the fifth largest bank in the world in terms of total assets.
Ripple and MUFG have been working together since 2017 when they first partnered up in March. Japan’s largest bank joined Ripple’s Global Payments Steering Group (GPSG) along with other big names like Standard Chartered, Bank of America Merrill Lynch, Royal Bank of Canada, CIBC, Santander, and Westpac Banking Corporation.
Now, according to the latest finding by XRP enthusiast Steven Diep, MUFG shares its experience working with Ripple and how it is benefiting them. The video is apparently from late June’s Blockchain for Finance Conference, APAC.
MUFG executive shared “Ripple is one of the solutions we are concentrating on and the one that works,” while talking about the need to move a large amount of money all over the world:
“Why this really matters to us, we operate in more than 50 countries as a bank around the world, so more than 50 countries have branches and operations and we have to move money between all those operations every day in a significant amount of money. We got a number of multinational corporates that operate all across, so there is huge liquidity occurring everyday.”
Ripple solutions making constant headway
He further explains how Ripple helps them in moving money across its branches around the world while saving on time and cost:
“Many of us have to go through swift and incur charges… many intermediary banks part of that, and typically an SLA for fund transfer movements is between 1-3 days… Using technology such as ripple we can get that down to something like 30 seconds significantly different and a cheaper cost as well, so it’s just not time-saving but the cost as well.”
He also shared how one of its group companies is leading the charge with ripple implementation which last year in 2017 completed a successful interledger payment using Ripple.
The Tweet mentioned is here:
— Steven Diep (@DiepSanh) September 3, 2018
Moreover, Western Union, an American financial services company is reportedly exploring Ripple for its pilot settlement project. Well, this first came into the news in 2015, so Western Union is looking into Ripple technology for its business for a long time but the company has yet to share anything on this development.
Additionally, Ripple’s other solutions are also constantly making progress as Platio, a smart banking ecosystem payment network with asset guard and crypto Escrow mentions of its connection with Ripple as it shared,
“We have a vendor agreement with Ripple. We will be integrating with Ripple’s xVia feature to transmit payments.”
Meanwhile, as shared in this Tweet:
It’s part of our planning. We have to start and then broaden the choice. XRP rocks!
— Bit4you (@Bit4you1) September 2, 2018
Ripple’s XRP as a base currency is gaining a lot of traction as Bit4you, “First Crypto Assets Exchange in Belgium” shared having plans for XRP.