Seven international banks are set to launch a lower-cost, cross-border wiring service based on the Ripple blockchain next year. Bank of Tokyo-Mitsubishi UFJ (BTMU), Standard Chartered Bank, Canada's Imperial Bank of Commerce, Australia's Westpac Banking, Bank of America Merrill Lynch of the UK, Spain's Banco Santander and Royal Bank of Scotland will deploy the new system, with up to 90 others joining at a later date, according to Ripple. At BTMU, it can cost JPY3,000 and JPY5,500 (around $27 to $50) to transfer funds and take several days. In contrast, blockchain systems can process transactions immediately and securely.
Seven international banks are set to launch a lower-cost, cross-border wiring service based on the Ripple blockchain next year. Bank of Tokyo-Mitsubishi UFJ (BTMU), Bank of America Merrill Lynch, Canada's Imperial Bank of Commerce, Australia's Westpac Banking, Standard Chartered Bank of the UK, Spain's Banco Santander and Royal Bank of Scotland will deploy the new system, with up to 90 others joining at a later date, according to Ripple. At BTMU, it can cost JPY3,000 and JPY5,500 (around $27 to $50) to transfer funds and take several days. In contrast, blockchain systems can process transactions immediately and securely.