Ripple is already working with 15 of the top 50 global banks on internal blockchain transfer systems, making an inter-bank transfer platform their next logical step. Major banks, including Bank of America Merrill Lynch, Santander, and Bank of Canada, have formed the Global Payments Steering Group (GPSG), to create a new payment system using Ripple's blockchain platform. The aim is to "drastically reduce" the amount of time it takes to transfer money, as well as allowing other "high-volume, low-value global transactions". Ripple has been working with banks on its XRP token, which can be used for cross-border payments in any currency or even fiat currencies.
Major banks, including Bank of America Merrill Lynch, Santander, and Bank of Canada, have formed the Global Payments Steering Group (GPSG), to create a new payment system using Ripple's blockchain platform. The aim is to "drastically reduce" the amount of time it takes to transfer money, as well as allowing other "high-volume, low-value global transactions". Ripple has been working with banks on its XRP token, which can be used for cross-border payments in any currency or even fiat currencies.