The company Ripple in his official Twitter account has stated that they intend to launch a new cross-border money transfer service, in order to expand implementation of the technology of the blockchain in the company financial technologies.
According to sources, Ripple technologies will be the key for the largest banks of Brazil and Japan. Bradesco of Brazil in cooperation with Mitsubishi UFJ Financial Group (MUFG) of Japan will use technology Ripple to ensure the most transparent cross-border payments in Brazil and Japan.
From private Bank Brazil has more than 5,300 offices and approximately 38,000 ATMs. Moreover, according to the documents from the MUFG, the Bank’s subsidiary has already signed a Memorandum of understanding with the Brazilian Bank Bradesco about sharing technology Ripple.
MUFG was the first Bank that joined RippleNet, to facilitate and expedite cross-border payments. The Bank offers its services in Latin America in areas such as oil, gas, food, energy, metals, beverages, utilities, agriculture, mining industry and other financial services. The adoption of Ripple technology indicates that the firm focuses on expansion and growth of its business.
In addition, the Ripple technology offers lower costs for translations and allows users to track all transactions. However, this does not mean that the firm uses the XRP, rather it uses xRapid, which is more focused on providing a quick transaction.
Other players are using technology in Ripple are American Express, Japan SBI Holdings, Bank of America, Credit Agricole and many others.
– A Memorandum of understanding is a continuation of the existing cooperation agreements in September 2017 between MUFG and the Bank Bradesco. In addition, it, by its existence, shows the latest developments in our business, – stated in the press release of the Japanese Bank.
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