Multinational financial organisation Credit Agricole has announced the launch of a test network for cross-border transfers of funds, which is part of the block chain Ripple.
– Now we conduct tests on basis of the same experience as with cash, only with instant transactions from one account to another much simpler and more secure way. Related fees are also more transparent. With this technology, we want to offer our customers the premium service, both in terms of rates and in work with users, – commented General Director of Credit Agricole Katherine Galvez.
The system is designed to support not only international payments and foreign exchange transactions. Such operations are currently carried out between the neighboring Bank accounts of Credit Agricole located in Switzerland, and accounts of Credit Agricole des Savoie in France.
Head of Department data Bank Nicola Francis stated that the adoption of the blockchain Ripple for the processing of payments does not mean in their case, an integral support token XRP. The idea is primarily to increase the speed and efficiency of digital translation.
Note, the client base of the Bank Credit Agricole has 45 000 clients 8 000 of whom joined the company just last year. The Bank has set targets to attract 55,000 customers by 2023. It is known that a new test network will run until June this year.
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